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.
You may also like
What would happen if the buyers of computing power become intelligent agents?
The United States is planning to promote dollar stablecoins overseas in an effort to strengthen its position as a reserve currency.
According to sources, the Trump administration is considering an initiative to promote US dollar-pegged stablecoins abroad in order to strengthen the dollar’s position as a global reserve asset.

Kratos Defense EVP, CFO Deanna H. Lund sells USD 341,999.11 in common shares
The US Treasury repurchases $6 billion in ultra-long-term bonds: three times the amount planned for early August, with the 30-year yield still reaching its highest level since 2007.
The United States will repurchase up to $6 billion worth of long-term government bonds.