Today at 11:30AM EST, a manipulation of Loopscale’s RateX PT token pricing functions led to an exploit of ~5.7M USDC and 1,200 SOL from the Loopscale USDC and SOL Vaults. All Loopscale markets have been temporarily halted while our team investigates further.
This exploit represents roughly ~12% of funds on Loopscale and only affects depositors to the Loopscale USDC and SOL vaults. This does not affect borrowers or loopers. We are working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations.
We are working with law enforcement officials, security professionals, and our investors to recover funds. We will release additional information and a full technical post-mortem as soon as we have it.
Welcome to Walrus Academy! 🎓
Think you know Walrus and its role in the Sui ecosystem? Now’s your chance to prove it and level up in the community!
Here’s how to seal your status as a Walrus expert 👇
https://t.co/xkPABCGESC