OpenLeverage: Insurance, OLE repurchase funds and protocol reserves will cover all losses

Odaily News DeFi lending protocol OpenLeverage posted on the 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 decided to stop 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.