Add as a preferred source on GoogleLoopscale Pauses Solana Protocol, Citing Weeklong Vault Attacks
The team said its API received more than 30,000 malicious requests a day and that affected vaults were replenished without user losses.
Loopscale said it paused its Solana protocol after a week of targeted attacks on vaults holding Solana (SOL) and USD Coin (USDC). The team acted after its security system detected a sharp escalation in attack activity, aiming to limit the impact.
Over the past week, the protocol’s API received more than 30,000 malicious requests per day, Loopscale said. It characterized the attacker as technically skilled. The activity focused on Genesis Vaults for SOL and USDC. Loopscale said the affected vaults have been replenished and user deposits suffered no losses.
Loopscale will keep normal operations suspended while it determines the attack’s full scope and strengthens security. It plans to reopen the protocol’s interface soon and is working to restore repayment functions to help prevent unexpected liquidations.
The planned interface reopening is a step short of a full restart: normal service remains on hold until the review is complete and additional safeguards are in place.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.