OpenLeverage: Insurance, OLE repurchase funds and protocol reserves will cover all losses
According to Mars Finance news, the DeFi lending protocol OpenLeverage issued a document on the X platform stating that the recent attack resulted in a loss of approximately 220,000 on the BNB Chain and approximately 40,000 on the Arbitrum Chain. Thankfully, OpenLeverage’s in-protocol insurance, OLE buyback funds, and protocol reserves will cover all protocol losses, so user funds will not be lost. Based on this, OpenLeverage has decided to discontinue the OpenLeverage trading and lending protocol. OpenLeverage is initiating the process for users to close transactions/loans and safely withdraw funds. All protocol operations will remain suspended until the withdrawal process begins early next week. Hackers returning funds will be rewarded with a bounty, and tracking and legal proceedings will be initiated immediately.
According to previous news, according to Pidun monitoring, the DeFi lending protocol OpenLeverage was attacked, resulting in a loss of approximately US$236,000. Later, OpenLeverage issued a document on the X platform stating that the OpenLeverage protocol was suspended and the investigation was ongoing. Accumulated insurance and buyback funds should cover losses. D1 is not affected.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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