Loopscale, the on-chain borrowing and lending platform, has offered the hacker behind the exploit of $5.7 million in USDC and 1,200 SOL to return 90% of the stolen funds and retain 10% as a bounty reward. In addition, Loopscale has promised to release the hacker “from any and all liability regarding the attack.”

However, in its message directed at the hacker, the borrowing and lending platform disclosed that it is working closely with law enforcement and exchanges to monitor and freeze stolen funds. Loopscale’s latest message came less than 24 hours after it first revealed the attack that saw hackers manipulate the platform’s Ratex PT token pricing functions. The incident prompted the platform to halt all Loopscale markets.

According to an earlier post on X, the exploit impacted “roughly” 12% of funds on the platform and only affected “depositors to the Loopscale USDC and SOL vaults.” A later update said loan repayments, top-ups, and loop closing had been re-enabled, but other app functions were still temporarily “restricted.” The same update also shared the findings of an initial probe into the incident.

“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,” Loopscale explained in the update.

Meanwhile, Loopscale has told the hacker to comply with the bounty offer before April 28 at 6 a.m. EST or face legal action. It claimed that the attacker addresses have been traced, flagged and shared with exchanges and off-ramps.

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