Loopscale Suspends Services After Malicious Attack on Vaults

Loopscale pauses operations after a security attack targeting its vaults. Here's what this means for users and Solana's DeFi landscape. Loopscale, a lending protocol on the Solana blockchain, has announced a pause in its operations following a severe security breach. The attack reportedly targeted its $SOL and $USDC Genesis Vaults, with APIs receiving over 30,000 malicious requests daily. Though affected vaults have been made whole and no user deposits were lost, the protocol’s normal operations will resume only after assessing the full scope of the attack and implementing additional security measures.