Prisma Finance

OpenLeverage

April

Tornado

Permissionless money market protocol OpenLeverage has reportedly incurred a loss of $236,000, allegedly due to a hacker attack funded via Tornado Cash.
Decentralized margin trading protocol OpenLeverage has apparently suffered a <a href="https://crypto.news/tag/crypto-hack/" target="_blank" rel="noopener noreferrer nofollow">hacker attack</a>, losing as much as $236,000 worth of crypto as per various estimates. According to CyversAlert, the attacker’s wallet for covering fees was funded by <a href="https://crypto.news/tag/tornado-cash/" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash</a>, an OFAC-sanctioned crypto mixing protocol, although the specifics of the attack remain unclear as of press time.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🚨ALERT🚨Our system has detected a multiple transactions with <a href="https://twitter.com/OpenLeverage?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@OpenLeverage</a> Total loss is around $230K. Attacker has funded by <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@TornadoCash</a>! Our system has detected the malicious contract deployment 13 sec earlier than attack transactions! Stolen funds are still at attacker's… <a href="https://t.co/xK6aN2tLbd" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/xK6aN2tLbd</a>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1774680444161646680?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 1, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Shortly after the news broke, the OpenLeverage team confirmed the attack, reassuring customers that “accumulated insurance and buyback funds should be able to cover the loss.” The team also added that DistrictOne, a blockchain-based play-to-earn game powered by OpenLeverage was not affected as a result of the attack.
<blockquote class="wp-block-quote">
 “OpenLeverage protocol is paused; the investigation is underway.”
 OpenLeverage
</blockquote>
You might also like: <a href="https://crypto.news/crypto-hacking-losses-q1-2024/" rel="noopener noreferrer nofollow"> Crypto industry losses to hacking decreased by 23% in Q1 </a>
Launched on <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> in December 2021, OpenLeverage secured investment from <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>‘s venture arm, Binance Labs, in June 2022. Although the precise financial terms of the funding were undisclosed, Binance Labs <a href="https://x.com/BinanceLabs/status/1539206050296909824?s=20" target="_blank" rel="noopener noreferrer nofollow">emphasized</a> the strategic significance of the investment.
The exchange also said that OpenLeverage would use the proceeds to strengthen OpenLeverage’s presence on BNB Chain (formerly Binance Smart Chain) and develop a multi-chain ecosystem with planned expansions to other EVM-compatible chains like Polygon, Avalanche as well as layer-2 solutions like Arbitrum and Optimism.
Read more: <a href="https://crypto.news/prisma-finance-hacker-demands-apology-after-11m-breach/" rel="noopener noreferrer nofollow"> Prisma Finance hacker demands live conference, apology after $11m breach </a>

Binance Labs-backed OpenLeverage suffers $236k exploit

crypto.news

Other articles published on Apr 1, 2024

Navigating the Bull Market: 5 Essential AI Altcoins to Have in Your Portfolio

Solana (SOL) and BNB Investors Set Their Sights on NFTFN’s Presale Potential

Missed BOME & MEW? Whales Are Now Buying This Solana Meme Coin

Top Analysts Offer 7 Theories About Bitcoin’s Future: What Will Happen?

Chainage Seeks Expansion Through DAO-Approved Funding

5 Top NFTs Defying The NFT Bear Market – Redacted Remilio Babies Takes The Top Spot

Join our free newsletter for daily crypto updates!