Binance Labs-backed OpenLeverage suffers $236k exploit

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Permissionless cash market protocol OpenLeverage has reportedly incurred a lack of $236,000, allegedly resulting from a hacker assault funded through Twister Money.

Decentralized margin buying and selling protocol OpenLeverage has apparently suffered a hacker attack, shedding as a lot as $236,000 price of crypto as per varied estimates. In line with CyversAlert, the attacker’s pockets for protecting charges was funded by Tornado Cash, an OFAC-sanctioned crypto mixing protocol, though the specifics of the assault stay unclear as of press time.

Shortly after the information broke, the OpenLeverage workforce confirmed the assault, reassuring clients that “collected insurance coverage and buyback funds ought to be capable to cowl the loss.” The workforce additionally added that DistrictOne, a blockchain-based play-to-earn recreation powered by OpenLeverage was not affected because of the assault.

“OpenLeverage protocol is paused; the investigation is underway.”


Launched on Ethereum in December 2021, OpenLeverage secured funding from Binance‘s enterprise arm, Binance Labs, in June 2022. Though the exact monetary phrases of the funding have been undisclosed, Binance Labs emphasized the strategic significance of the funding.

The trade additionally stated that OpenLeverage would use the proceeds to strengthen OpenLeverage’s presence on BNB Chain (previously Binance Good Chain) and develop a multi-chain ecosystem with deliberate expansions to different EVM-compatible chains like Polygon, Avalanche in addition to layer-2 options like Arbitrum and Optimism.

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