Source: Cointelegraph
Original: “Loopscale Recovers $2.8 Million Through Bounty Negotiations After Weekend DeFi Attack”
Decentralized finance (DeFi) protocol Loopscale has recovered nearly half of the stolen funds following a significant attack over the weekend, and negotiations with the white-hat hacker show positive progress.
Loopscale confirmed in an update posted on the X platform on April 29 that approximately 19,463 Wrapped SOL (WSOL) (about $2.88 million) have been returned to its wallet since April 28.
The first two returns were 10,000 WSOL (about $1.48 million) and 4,463 WSOL (about $660,000), following the recovery of 5,000 WSOL (about $740,000).
The team stated, “The friendly resolution of Saturday's incident is still ongoing and has made some progress.”
Loopscale Offers 10% Bounty to Recover Funds
On April 27, the Loopscale team announced that they had sent an on-chain message to the attacker, proposing that if the attacker returns 90% of the stolen funds, the team would offer a 10% bounty and waive all legal liabilities.
The team warned that if an agreement was not reached within 24 hours, they would contact law enforcement for intervention.
At 3:52 PM Eastern Time on April 28, Loopscale announced that they had received a response from the attacker, who expressed willingness to negotiate the return of funds in exchange for the bounty.
The attack occurred on April 26, with the attacker manipulating Loopscale's RateX PT token pricing function to steal approximately $5.7 million in USDC and 1,200 SOL from its USDC and SOL treasury.
The stolen funds accounted for about 12% of the platform's total funds, affecting only the treasury's depositors and not borrowers or loopers.
Although recovering funds in decentralized finance is not common, recent successful recovery cases have been increasing.
On April 27, the lending protocol Term Finance on Ethereum stated that it had recovered $1 million of its $1.6 million loss, which stemmed from a misconfigured oracle in its Treehouse (tETH) market.
The team reported that they internally recovered 223 Ethereum (ETH) and negotiated the recovery of another 333 ETH.
According to a report released by blockchain security firm PeckShield in April, hackers stole over $1.6 billion in cryptocurrency from exchanges and on-chain smart contracts in the first quarter of 2025.
More than 90% of the losses came from an attack on the centralized cryptocurrency exchange Bybit, which resulted in approximately $1.5 billion in losses, attributed to the North Korean hacker group Lazarus Group.
Related: The U.S. Department of Justice (DOJ) requests a twenty-year prison sentence for Celsius founder Alex Mashinsky.
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