Loopscale reopened deposits and withdrawals across all vaults on Nov. 7, ending a freeze tied to an attack on the Solana lending protocol. The team said full loan management is available again. The restart came about two and a half days after a Nov. 5 pause announcement that had restricted vault withdrawals.
What Was Restored
The reopening covers the $USDC Genesis Vault, which mattered because earlier partial access left some borrowers stuck. In that prior phase, borrowers funded by the vault could not repay loans or free collateral. Other borrowers could repay and take back collateral after full repayment, and collateral top-ups were open for all loans. Still, withdrawals from every vault stayed frozen until this week.
Loopscale vaults pool one asset and lend it across borrowing markets. The $USDC Genesis Vault interface showed roughly $7 million supplied. Access is back, but that does not mean everyone can pull funds at once. The protocol’s documentation says withdrawals depend on available liquidity. That caveat is worth keeping in mind, perhaps especially for larger positions.
Loss Claims and Attack Details
In its first pause statement, Loopscale said the affected $SOL and $USDC Genesis vaults had been made whole. No user deposits had taken a loss, according to the team. Its later account described two attack paths linked to program logic and private transaction-building APIs. The team said it identified and contained both.
One path involved an undercollateralized loan of about $412,000 from the $SOL Genesis Vault. Loopscale attributed it to pricing parameters that treated deposited collateral as a different asset. For the $USDC Genesis Vault, the team said a bundle of transactions sold a loan with an extreme interest rate into the vault. That inflated net asset value and enabled a disproportionate redemption of about $521,000. Loopscale said its systems halted the activity within 30 seconds of transaction generation.
Still Waiting on the Post-Mortem
The reopening statement did not lay out the security hardening Loopscale had said was needed before normal operations. It also did not provide a final loss-and-recovery accounting. The team promised a full technical post-mortem soon but did not set a publication date. For now, vault access is back. The details around the fix, and the final numbers, are still pending.
