ALEX Lab Exploited for $8.3M in Latest DeFi Hack
ALEX Lab Exploited for $8.3M in Latest DeFi Hack
🚨 $8.3M Gone in 60 Seconds
Key updates from the DeFi ecosystem this week:
@ALEXLabBTC suffered an $8.3M exploit
@revertfinance launched on OpenCover platform
@LiquityProtocol expanded to multiple platforms including @superformxyz, @eulerfinance, and @spectra_finance
@VelodromeFi achieved a milestone with $1B+ volume across Superchain
@MorphoLabs released V2 of their protocol
@SiloFinance expanded to Arbitrum network
@PancakeSwap launched new Crosschain Swaps feature
Visit OpenCover to protect your DeFi assets.
🛡️ NEW COVER LISTED 🛡️ @revertfinance is officially available on OpenCover 🚀 Protect your assets on Revert from onchain risks such as hacks, governance attacks, protocol failures, and oracle manipulation. Learn more and get covered👇
🛡️ OpenCover Alpha – June 2025 🛡️ Explore what we’ve been up to this month – eight new protocols launched, preparing for EthCC, vfat Multi Protocol expansion, and more👇 opencover.substack.com/p/opencover-al…
🔔 Weekly industry update 🛡️ OpenCover: 🔹 @vfat_io users can now directly protect their assets with OpenCover in the vfat UI. 🔹 We added a new pricing display to our dApp. 🌀 Protocols: 🔹 @Base has reached Stage 1 Decentralization. 🔹 @HyperliquidX redesigned their UI. 🔹
🛡️ NEW COVER LISTED 🛡️ @PancakeSwap is officially available on OpenCover 🥞 Keep your assets safe on PancakeSwap and streamline cover management. Learn more👇
🔔 Weekly industry update 🛡️ OpenCover: 🔹 We are live on the Base Services Hub and waiving all setup fees for Base teams offering protocol or transaction cover. 🔹 @mellowprotocol is officially available on OpenCover. 🚨 Hacks: 🔹 @Corkprotocol was exploited for $12m. 🌀
🛡️ NEW MULTI COVER LISTED 🛡️ @Lombard_Finance DeFi Vault is officially available on OpenCover 🚀 Protect your assets on Lombard DeFi Vault and its underlying protocols from hacks, governance attacks, protocol failures, and oracle manipulation. Learn more and get covered👇
🔔 Weekly industry update 🛡️ OpenCover: 🔹 @revertfinance is officially available on OpenCover. 🚨 Hacks: 🔹 @ALEXLabBTC was exploited for $8.3m. 🌀 Protocols: 🔹 @LiquityProtocol is now live on @superformxyz, @eulerfinance, and @spectra_finance. 🔹 @VelodromeFi surpassed $1b
🔔 Weekly industry update 🛡️ OpenCover: 🔹 @Lombard_Finance DeFi Vault is officially available on OpenCover. 🔹 Our @vfat_io cover offering now includes @Uniswap v4. 🚨 Hacks: 🔹 @CetusProtocol suffered a $223m exploit. 🌀 Protocols: 🔹 The @superformxyz v2 Cantina
🛡️ NEW MULTI COVER LISTED 🛡️ @MellowProtocol Multi Cover is now live on OpenCover 🚀 We just unlocked $1.4m of Mellow Multi Cover capacity from @NexusMutual on @Ethereum. Underlying protocols are also protected: you only need one cover purchase for complete peace of mind.
🔔 Weekly industry update 🛡️ OpenCover: 🔹 @ambient_finance is officially available on OpenCover. 🔹 The June issue of OpenCover Alpha is out > opencover.substack.com/p/opencover-al… 🚨 Hacks: 🔹 The. Force Bridge on the @NervosNetwork was hacked for $3m. 🌀 Protocols: 🔹 @MorphoLabs
We’re partnering with @L1Advisors to secure institutional DeFi yield 🛡️ L1 × OpenCover enables investment managers to wrap tokenized portfolios and onchain SMAs in discretionary coverage against smart contract hacks, oracle failures, and more, while the yield continues to flow.
🛡️ NEW COVER LISTED 🛡️ @ambient_finance is officially available on OpenCover 🔮 🔑 We just unlocked over $800k of Ambient Finance cover capacity from @NexusMutual on @Ethereum. Keep your assets safe on Ambient and streamline cover management. Learn more👇
🔔 Weekly industry update 🛡️ OpenCover: 🔹 @PancakeSwap is officially available on OpenCover. 🚨 Hacks: 🔹 @ZunamiProtocol was hacked for $500k. 🌀 Protocols: 🔹 @MorphoLabs is the first DeFi protocol to reach $1B in total deposits on Base. 🔹 @eulerfinance is now live on
🔔 Weekly industry update 🛡️ OpenCover: 🔹 @Corkprotocol is officially available on OpenCover. 🌀 Protocols: 🔹 @MorphoLabs introduced Morpho Lite, featuring a simple design with Earn and Borrow features. 🔹 TVL on @ArcadiaFi saw a 47% MoM rise in April. 🔹 @eulerfinance has
📣@Base builders, we've got your back 🦺 🔵 Keep your users safe onchain with protocol or transaction cover — and get all setup fees waived via the Base Services Hub ⬇️
🛡️ NEW COVER LISTED 🛡️ @Corkprotocol is officially available on OpenCover 🚀 Cover your Cork assets from onchain risks such as hacks, government attacks, protocol failures, and oracle manipulation. Learn more and get covered👇
OpenCover Partners with vfat.io for Automated DeFi Protection on Arbitrum
OpenCover and vfat.io have launched a partnership to provide automated protection for DeFi positions on Arbitrum while users earn yield. The integration covers positions across multiple protocols: - AerodromeFi - VelodromeFi - Uniswap - PancakeSwap Protection is backed by Nexus Mutual, which has covered over $5B in onchain risk. Users can secure coverage directly through [vf.at](http://vf.at) with a simple toggle during deposit. *Special offer: Coinbase One members receive 10% discount with verified wallets.*
Onchain Safety Guide
**Staying safe in web3 requires proactive security measures:** - Use hardware wallets for significant holdings - Enable 2FA on all exchange accounts - Never share private keys or seed phrases - Verify smart contract addresses before interactions - Keep majority of assets in cold storage - Regular security audits of connected apps *Key Protection Tips:* - Create separate hot wallets for daily transactions - Use blockchain explorers to verify transactions - Implement time-locks on large transfers - Monitor wallet permissions regularly Remember: Security isn't a one-time setup but an ongoing practice.
OpenCover Partners with L1 Advisors for Institutional DeFi Protection
OpenCover and L1 Advisors announce a strategic partnership to provide institutional-grade protection for DeFi investments. The collaboration enables investment managers to secure tokenized portfolios against smart contract hacks and oracle failures while maintaining yield generation. Key features: - Coverage backed by NexusMutual ($5B+ covered) - Protection for hedge-fund strategies and index portfolios - Supports CoinDesk CPUS index sleeves - Maintains yield flow during coverage period The partnership aims to scale institutional DeFi adoption by addressing key risk barriers. Learn more at [OpenCover Institutional](https://opencover.com/institutional)
OpenCover Alpha June 2025 Update
OpenCover has announced significant developments in their June 2025 update: - Launch of 8 new protocols for coverage - Expansion of vfat Multi Protocol capabilities - Preparations underway for EthCC participation This follows May's achievements including their vfat partnership and InnerCircle launch, which helped secure over $200M in coverage through Request. [Read the full update](https://opencover.substack.com/p/opencover-alpha-june-2025)