A crypto exchange, Loopscale, got hit with a major hack, losing $5.8 million. But here’s the twist: the hackers agreed to give most of it back.
The Deal
After a successful negotiation, Loopscale struck a deal with the hackers. The hackers will keep 10% of the stolen crypto ($580,000) as a “bounty,” and return the remaining 90%. That’s about 35,527 Solana (SOL) tokens going back to Loopscale, and 3,947 SOL for the hackers. Loopscale publicly thanked the hackers for cooperating.
How the Hack Happened
This wasn’t your typical break-in. The hackers cleverly manipulated Loopscale’s pricing system for the RateX PT token, allowing them to withdraw millions in USDC (USD Coin) and SOL tokens. Loopscale quickly froze withdrawals and trading to contain the damage. Only users with funds in USDC and SOL vaults were affected.
No Legal Action
As part of the deal, Loopscale agreed to drop any legal action against the hackers. They gave the hackers a deadline to respond to the offer, and thankfully, the hackers agreed.
A Growing Problem
This isn’t an isolated incident. Another crypto platform, Term Finance, was also hacked around the same time. This is raising serious concerns about security in the crypto world. The first three months of 2025 saw over $1.6 billion stolen in crypto hacks – a record-breaking quarter for breaches. As crypto becomes more popular, securing user funds is getting tougher. For some companies, negotiating directly with hackers is becoming a faster way to get their money back than going through the legal system.