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Loopscale Drained for $5.8M in Oracle Exploit—Another ’Trustless’ System Proves Anything But
Loopscale Drained for $5.8M in Oracle Exploit—Another ’Trustless’ System Proves Anything But
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DeFi protocol Loopscale joins the oracle attack hall of shame after hackers manipulate price feeds to siphon $5.8M. The exploit—executed with surgical precision—highlights the persistent weak spot in decentralized finance’s armor.
Price oracles strike again. For the umpteenth time, a DeFi protocol learned the hard way that blockchain’s ’trustless’ ideals crumble when external data enters the mix. Loopscale’s attackers exploited the gap between on-chain and off-chain reality, proving that in crypto, someone always pays for the industry’s collective naivety.
Meanwhile, traditional finance quants sip their coffee, muttering ’told you so’ into their Bloomberg terminals.
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