Loopscale: Ultimately Recovered 5,697,102.5 USDC and 1,215 SOL, Temporarily Imposes 24-Hour Withdrawal Limit on Treasury

Loopscale released an update on the hacking incident on platform X, disclosing that the final recovered fund balance is 5,697,102.5 USDC and 1,215 SOL. Due to the attacker converting USDC to SOL at a suboptimal rate, there is a discrepancy of approximately $29,000, which the Loopscale team will fully compensate to ensure all users are reimbursed. Additionally, to ensure the security and stability of the protocol, all Loopscale vaults, including the Genesis Vaults (SOL, USDC, and USDG) and others (jitoSOL and fragSOL), will be subject to a 24-hour withdrawal limit per user, per vault. This measure aims to mitigate liquidity shocks, prevent a sharp rise in borrowing rates, and provide borrowers with the necessary time to repay without triggering avoidable liquidations. Currently, the refinancing feature remains disabled and will be re-enabled a few days after the protocol outflows stabilize, following the commencement of vault withdrawals.