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The phrase "exploited a loophole" is correct and can be used in written English.
You can use this phrase to refer to someone taking advantage of a hidden or unexpected feature in a rule or system in order to gain an advantage or make a profit. For example, "The company exploited a loophole in the tax code to avoid paying millions of dollars in taxes."
Exact(38)
Developers exploited a loophole in rural areas that allowed them to build without water.
For many years, it seems, Trump exploited a loophole in the tax code to avoid paying any federal taxes.
Tiring of touring, Raymond eventually settled in London where he again exploited a loophole in the law that allowed private members' clubs to be virtually exempt from censorship.
But in most cases, attackers appear to have exploited a loophole in Java software that automatically downloads the malware onto victims' machines without any prompting.
Investigators now believe that Private Manning exploited a loophole in Defense Department security to copy thousands of files onto compact discs over a six-month period.
Couche-Tard may or may not have broken the law, but the company at least appears to have exploited a loophole.
Similar(22)
"You were exploiting a loophole, and they closed the loophole.
Critics accused him of exploiting a loophole in the law.
The route exploits a loophole in existing law that allows bus service to airports.
The restriction makes sense: hackers are exploiting a loophole, so get rid of the loophole.
A half-dozen American insurance companies have begun exploiting a loophole in federal tax law.
More suggestions(3)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com