A hack hits Binance with a loss of $236,000

Financial market protocol OpenLeverage reportedly suffered a loss of $236,000, due to a hacker attack funded via Tornado Cash.

Decentralized margin trading protocol OpenLeverage appears to have been hit by a hacker attack, losing up to $236,000 in cryptocurrency according to various estimates. According to CyversAlert, the attacker's wallet was funded to cover the fees through Tornado Cash. It is an Office of Foreign Assets Control (OFAC) approved cryptocurrency mixing protocol. Although the details of the attack are still unclear at the time of writing

Shortly after the news broke, the OpenLeverage team confirmed the attack. He reassured customers that “the accumulated insurance and buyback funds should be able to cover the loss.” The team also added that DistrictOne game. The blockchain-based play-for-profit game powered by OpenLeverage, was not affected as a result of the attack.

OpenLeverage launched on Ethereum in December 2021, receiving investment from Binance Labs. The investment arm of Binance, in June 2022. Although the exact financial terms of the financing were not disclosed. However, Binance Labs stressed the strategic importance of the investment. The trading platform also said that OpenLeverage will use the proceeds to strengthen OpenLeverage’s presence on the BNB Chain (formerly Binance Smart Chain) and develop a multi-chain ecosystem with planned expansions.