According to Deep Tide TechFlow news on April 27, Loopscale announced on social media that “loan repayment, deposit, and cycle closure functions have been re-enabled. All other application functionalities (including Vault withdrawals) remain temporarily restricted, and we are investigating and ensuring the mitigation of this vulnerability.”
The root cause of this vulnerability has been identified as an independent issue with Loopscale regarding the collateral pricing based on RateX. RateX itself is not related to this. The loss of funds clearly affects the depositors of the SOL and USDC genesis vault.
We are investigating how this happened, who did it, and how to most effectively recover the funds.
We are actively working with law enforcement and security professionals to resolve this issue as soon as possible.
We will release updates as soon as possible regarding the specific impacts on users, how Vault withdrawals work, and a complete technical post-mortem analysis.
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