The cryptocurrency exchange reached an agreement with Internet criminals who hacked millions, which represents increasing security problems in the digital currency industry.
Loopscale revealed on April 28 that the attackers participating in a conversation 5.8 million dollars theft He is committed to returning the majority of stolen money in exchange for paying the rewards.
The infiltrators agree to a 10 % bonus after penetration of the platform
As stated in the publications published on X (Twitter previously), Loopscale managed to successfully negotiate with the attacker whose regime was at risk on April 26. The deal allows the attacker to keep 10 % of the stolen cryptocurrency as a file “Punty” And return the other 90 % to the platform. This up to about 3947 Sol (Solana Tokens), and 35,527 Sol returns to Loopscale.
At 3:52 pm East time today, we received a response from the exploiter. They have indicated a willingness to return the exploited funds in exchange for a reward.
We appreciate their participation so far and we are actively working to reach a friendly solution.
As such, we will be … https://t.co/znczxtoi1z
– Loopscale (@looopscalelbs) April 28, 2025
The company expressed the infiltration of the infiltrator to agree to the settlement and confirmed that it will provide updates about the date of resuming withdrawals from the cellar. They also confirmed that they will issue a detailed analysis of how the attack occurs and what they learned during the operation.
The artistic weakness led to the theft of millions of dollars
Reports indicate that the penetration was not a direct storming, but rather Advanced manipulation From the Loopscale pricing mechanism. The attacker dealt with the pricing mechanism that priced the distinctive symbol, which enabled them to withdraw about $ 5.7 million in the US currency and 1,200 symbols of Solana from the cellar of the platform.
As of today, the market cap of cryptocurrencies stood at $2.93 trillion. Chart: TradingView
When the breach is found, Loopscale immediately suspended all the withdrawals on its cellar and the trading stopped on its markets. The company explained that users who just managed the money in the USDC and Sol cellar are affected by the attack, not the total warranty system for the rate.
Legal immunity provided as part of the negotiation tactics
In response to the timeline presented by Loopscale, the company’s reaction was quickly to take care of this issue. The striker showed The Bounty Deal on April 27, the day after the penetration. The payment was completed by 10 % by dropping any legal chase against the infiltrator.
The infiltrator site fled a final date from 6 am EST on April 28 to respond to the offer. The closure of the timeline in the trick, and before the infiltrators the proposal indicated the willingness to recover the funds for the bonus as promised.
Today they are both Loopscalelbs and @term_labs It was hacked and lost millions of each
How safe is all this Defi?
We are chasing the return, but we were seized on the penetration. Is it really better than just detention of bonds? https://t.co/dnhw6n9yol
– Timphhaldorsson April 26, 2025
The Loopscale accident comes in the wake of another breach in the financing period, and the alarm bells are raised throughout Coded industry. Tim Haldorson, founder of the moon strategy, has expressed serious concerns about whether the possible revenue in decentralized financing justifies the increasing security risks faced by investors.
A quarter of a standard for coded currency security violations
One of the disappointed trends of the disappointing trends to increase the attacks on the encrypted currency platform. The security personnel say more than $ 1.6 billion was stolen as a result of encryption quarrels between the first three months of 2025, which is the worst annual period of security violations in history.
This trend is that with the growth and use of the encrypted currency, the platforms face more difficulty in protecting the user’s money from advanced advanced attacks. For some companies, direct negotiation with infiltrators has become a pragmatic method, if they are controversial, to restore stolen assets when traditional law enforcement methods are very slow or ineffective.
Distinctive image from Telkom University, tradingView graph
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