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Solana DeFi protocol Loopscale lost over $5.8 million, roughly 12% of its Total Value Locked (TVL), to a cyber exploit. The platform is still investigating how the attack happened, trying to identify the hackers involved and how they can retrieve the stolen funds. They are currently coordinating with law enforcement and security personnel to resolve the situation quickly. In an X post, the platform briefed its users on what it believes to be the main cause of the attack. Loopscale remarked, “The root cause of the exploit has been identified as an isolated issue with Loopscale’s pricing of RateX-based collateral. There is no issue with RateX itself related to this. Loss of funds explicitly affects depositors to SOL and USDC Genesis vaults.” Attackers manipulated the RateX PT token pricing functions, draining 1200 SOL and $5.7 million USDC from the platform’s vaults. Soon after the attack, Loopscale closed off its markets temporarily. However, after a few hours, the protocol reactivated loan repayments, top-ups, and loop closing, while other application functions, like vault withdrawals, remained restricted. The attack mostly affects Loopscale USDC and SOL vault depositors, not necessarily borrowers or loopers on the platform. However, Loopscale has promised to reveal how many users were specifically affected, how holders will withdraw from their vaults, and a technical post-mortem. Before the attack, OShield, which audited the protocol in January and February of this year, identified several vulnerabilities. The project later posted on its FAQ that all high-risk issues had been resolved. Currently, there is still an ongoing audit by Sec3 on the protocol. Loopscale, only launched two years ago, on April 10, introduced a unique order book-based lending model to structure modular loans, providing more predictable terms and minimizing rate volatility. The protocol features fixed-rate, fixed-duration, and multi-asset borrowing, earning the support of major crypto companies like CoinFund, Jump Capital, and Solana Ventures. In 2021, the project, then called Bridgesplit, a proposed NFT yield product, secured about $4.25 million in VC funding from Solana Labs, Coinbase Ventures, and others. A price manipulation on Oracle earlier this month led to the loss of $7 million for KiloEX. The platform is still planning to compensate affected users based on their resume time. The perpetual futures DEX, however, said that only trades that stayed open throughout the platform’s 10-day pause would be eligible for compensation. Moreover, per a Thursday blog post, participants were advised to close positions once KiloEX resumes to receive full value. Aside from the KiloEX attack, Bybit was hacked for $1.46 billion in February. The attack beats all previous record hacks, including Coincheck’s 2018 hack, when they lost $534 million, and Mt. Gox’s 2014 hack, with $470 million drained. North Korea’s Lazarus group is suspected of hacking Bybit after the exchange announced they traced the attack to malicious JavaScript code served from a compromised Safe AWS S3 bucket and claimed the breach originated outside its platform. As of Q1 2025, over $1.6 billion was lost in DeFi attacks. Platforms like zkLend, Ionic Money, Cardex, Four.Meme, Cashverse, BankX, and GoldReserve NFT have seen their funds drained. In February alone, the crypto industry had lost over $1.53 billion in 9 attacks, a 20% surge from January and an 18x increase from February 2024. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Vitalik: The account abstraction process is only halfway completed. The ultimate goal is to make non-ECDSA accounts the mainstream account type Ethereum founder Vitalik responded to X user Paolo Rebuffo's comments on Pectra's implementation of account abstraction, pointing out that the account abstraction process is currently only halfway completed. He said that the ultimate goal is to make non-ECDSA (elliptic curve digital signature algorithm) accounts the mainstream account type on Ethereum. These accounts include features such as multi-signature, key change, quantum attack resistance and privacy protocols. Recently, a lot of progress has been made in simplifying the 7701 standard to promote the realization of this goal.

DoraHacks Funds the Protocol Stack to Thrive The Grant system of DoraHacks, a global hackathon and open source developer incentive platform, continues to grow. Its Grant DAO system has become an important infrastructure for the development of multi-chain ecology, providing support for the scale of decentralized governance through anonymous MACI technology. As the world's leading hackathon platform, DoraHacks recently launched BUIDL AI to further lower the threshold for organizing hackathons and promote the "hacker paradigm" to become a reality. The platform has provided more than 30 million US dollars in funding for more than 4,000 projects, covering multi-chain ecology such as Aptos and Injective, significantly promoting Web3 innovation.

Ronin, the blockchain for gaming, has migrated its Ronin Bridge to Chainlink’s cross-chain interoperability protocol. The Ronin Network ( RON ), whose web3 gaming platform was created by the Sky Mavis team behind Axie Infitnity ( AXS ) game, announced the completion of the migration to Chainlink’s ( LINK ) Cross-Chain Interoperability Protocol on April 25. CCIP is now the Ronin Bridge’s canonical cross-chain infrastructure provider. The milestone comes a few months after a validator community vote in October 2024 saw the platform pick Chainlink over LayerZero and Axelar. As of the announcement, Chainlink is helping to secure over $450 million worth of assets on Ronin. Commenting on the development, Trung Nguyen, chief executive officer and co-founder of Sky Mavis, said: “Migrating to Chainlink CCIP is a major unlock for Ronin as we scale into the most accessible and secure gaming and consumer chain in Web3. Developers get cross-chain infrastructure to build fast and secure, while users can easily bridge assets across the multi-chain ecosystem, opening the door to the next generation of games and apps.” Ronin Bridge suffered a major exploit in 2022 with hackers stealing over $600 million worth of crypto. The platform paused transactions on the bridge in August 2024 amid suspicious $10 million withdrawal . Adopting Chainlink CCIP is thus one of the efforts to increase the security of bridged assets. The platform also plans to tap into other Chainlink solutions to improve user experience and adoption, including gaining traction in decentralized finance. With the migration, users can now transfer all supported tokens, includding AXS, YGG and BANANA as well as USDC and Wrapped Bitcoin to and from Ronin. The transfers will be via Chainlink CCIP-powered Ronin Bridge app. Despite the latest move, the deprecated Ronin Bridge tab remains visible. According to the Ronin Network team, a number of users are yet to claim their tokens on Ethereum. These pending withdrawal requests are why the legacy bridge is still visible.

Now tracking @sanctumso Infinity on our Fees & Revenue Dashboard Infinity is a multi-LST liquidity pool. It can support hundreds of different LSTs natively and enables frictionless exchanges between them