Loopscale reopens all vaults after attack-related freeze
Deposits and withdrawals resume across all vaults
Loopscale said on Nov. 7 that deposits and withdrawals had resumed across all vaults. The Solana lending protocol also restored full loan management.
The protocol had paused vault withdrawals after an attack-related pause announced on Nov. 5. That was roughly two and a half days before the reopening update.
What changed in the reopening
- Deposits and withdrawals are available across all vaults.
- Full loan management is available again.
- The USDC Genesis Vault is included in the reopening.
- A technical post-mortem, a detailed review after an incident, will follow.
A vault pools one asset and lends it across borrowing markets. The USDC Genesis Vault's public interface showed about $7 million supplied. USDC is a dollar-linked stablecoin.
Restored access does not mean unlimited immediate withdrawals. Loopscale's documentation says withdrawals remain subject to available liquidity. That means how much of the asset is free to withdraw at the time.
What Loopscale says about the earlier partial reopening
Before this update, Loopscale had partly restored loan functions but kept vault withdrawals frozen. Borrowers funded by the USDC Genesis Vault could not repay loans or withdraw collateral. Other borrowers could repay and reclaim collateral after full repayment. Collateral top-ups, extra deposits to support a loan, were available for all loans.
What Loopscale says about losses and the attack
In its initial pause statement, Loopscale said the affected SOL and USDC Genesis vaults had been made whole. It also said no user deposits had incurred a loss.
In a later account, Loopscale said it had identified and contained two attack paths. It said they involved program logic and private transaction-building APIs.
Loopscale attributed an undercollateralized loan of about $412,000 from the SOL Genesis Vault to pricing parameters that valued deposited collateral as a different asset. An undercollateralized loan means the borrowed amount was larger than the value of the collateral held for it.
What is still unclear
Loopscale has not yet provided the technical post-mortem. The supplied report was cut off while describing its account for the USDC Genesis Vault. The full loss accounting and security details therefore remain pending.
Source for this report
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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