Loopscale was exploited two weeks after launch when an attacker manipulated RateX PT token pricing to obtain undercollateralized loans, draining 5.7M USDC and 1,200 SOL.

A modular DeFi lending market built on Solana, Loopscale, has suffered an attack. The root cause of the exploit has been identified as an isolated issue with Loopscale’s pricing of RateX-based collateral. The incident led to the theft of approximately 5.7 million USDC and 1,200 SOL, accounting for about 12% of the platform's total funds. According to an official update posted by Loopscale on April 29, following successful negotiations, all stolen assets — 5,726,725 USDC and 1,211 SOL — were fully returned on April 26. No user deposits were affected.