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Loopscale’s vaults pool a single asset and lend it across borrowing markets. The $USDC Genesis Vault’s public interface showed about $7 million supplied. Restored access does not mean unlimited immediate withdrawals: the protocol’s documentation says withdrawals remain subject to available liquidity.
Loss Accounting and Security Details Pending
Loopscale said in its initial pause statement that the affected $SOL and $USDC Genesis vaults had been made whole and no user deposits had incurred a loss.
In its subsequent account of the incident, the team said it had identified and contained two attack paths involving program logic and private transaction-building APIs. It attributed an undercollateralized loan of approximately $412,000 from the $SOL Genesis Vault to pricing parameters that valued deposited collateral as a different asset.
For the $USDC Genesis Vault, Loopscale said a bundle of transactions sold a loan carrying an extreme interest rate into the vault, inflating its net asset value and enabling a disproportionate redemption of approximately $521,000. The team said its systems halted that activity within 30 seconds of transaction generation.
Loopscale had tied a return to normal operations to establishing the campaign’s full scope and implementing further security hardening. Its reopening statement did not detail those changes or provide a final loss-and-recovery accounting. It promised a full technical post-mortem “soon,” without setting a publication date.