Update (April 26 at 8:57 pm UTC): This article has been updated to include the update of LOOPSCALE.
The Solana Defi (Decentralized Finance) protocol loop scale has temporarily suspended the loan market after an exploitation of about $ 5.8 million.
On April 26, the hacker took about 57 million USDC (USDC) and 1200 Solana (SOL) from the loan protocol and gave birth to 12 million Solana (SOL) in the loan protocol.
The loop scale said in the X POST on April 26, “(A) irradiates and alleviated the exploitation,” (a) other app functions (including withdrawal of vaults) are still temporarily limited.
The exploit only influenced the USDC and Sol Vaults on the loop scale, and the loss accounts for about 12%of the total value lock (TVL) in LOOPSCALE, GOONERATNE added.
GOONERATNE said, “Our team has been completely mobilized for investigation, recovery and protection of users.
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Unique
LOOPSCALE, released on April 10 after six months of closed beta, is a defect loan protocol designed to improve capital efficiency by directly matching the lender and the user.
In addition, in a April announcement shared with COINTELEGRAPH, “LoopScale also supports professional loan markets such as structured credit, bond financing and hydrogen loans.
The Order Book model of LOOPSCALE is distinguished from a defect loan colleague, such as AAVE, which consists of a cryptocurrency deposit in the liquidity pool.
The main USDC and SOL Vaults of LOOPSCALE produce APRs exceeding 5% and 10%, respectively. It also supports the loan market of tokens such as Jitosol and Bonk (Bonk) and the loan strategy for more than 40 other token pairs.
According to the researchers, the Defi protocol has about $ 40 million on TVL and attracts more than 7,000 lending institutions.
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