Loopscale: SOL Genesis vault with about $170,000 in deposits has an indirect exposure through Drift and has committed to full compensation.

GateNews

solana news Project Progress Security Incidents Exchange Risk

2026-04-02 03:42:47

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Gate News update. On April 2, the Solana on-chain lending protocol Loopscale issued a statement saying it has no direct association with Drift. Most product funds are secure, including the USDC Genesis and USDC OnRe treasuries. However, approximately $170,000 in deposits from the SOL Genesis treasury were allocated to MarginFi, with a small portion indirectly exposed through Project0 borrowers using Drift positions as collateral. If any losses occur, the official will fully reimburse affected users. In addition, deposit and withdrawal functionality for the SOL Genesis, JitoSOL ONE, and wETH ONE treasuries has been temporarily disabled, and will be reopened after MarginFi resumes normal operations.

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