COVER Price Plummets Towards Zero Following Lethal Minting Function Exploit
COVER has been gaining serious hype throughout the past few months, despite its turbulent beginnings. What started as “SAFE” ultimately became COVER following some contentious battles between the early developers. COVER ultimately was adopted by the Yearn.finance ecosystem and grew under Yearn founder Andre Cronje’s guidance. It secured a coveted Binance listing early on and […]
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Cover, the peer-to-peer coverage market, is the latest DeFi project to suffer an attack. A suspected hacker has exploited the Cover staking protocol, inflating the token supply by printing over 40 quintillion "coins" However, in a surprising move, the suspected attacker returned the funds with a note saying: "Next time, take care of your own shit."Cover Attacker Mints 40 quintillion tokens. Source: Etherscan.io In the initial exploit, the attacker liquidated over 11,700 coins on the 1inch decentralized exchange aggregator after inflating the token supply according to data from the Ethereum....
Following the Cream Iron Bank flash loan attack, preliminary findings of a probe have shown that contracts and markets still function normally. As a result, markets have now been re-enabled while the asset borrowing function has been paused. The Cream team also reveals that investigations are continuing. The Exploit After the exploit, the value of the Cream protocol token plummeted from just over $280 on February 12 to $186.48 24 hours later. At the time of writing, Messari data shows that the token had recovered although it has remained mostly under $230. Meanwhile, in his analysis of....
Decentralized finance insurance project Cover protocol briefly suffered losses when an unknown attacker minted over 40 quintillion Cover tokens. However, after successfully cashing out tokens worth about $5 million, the attacker unexpectedly returned ether tokens valued at about $3.2 million before leaving a message for the Cover team. Exploit No Longer Possible Immediately after the attack, the value of the insurance protocol’s token plummeted by over 94% to $34 at the time of writing. After the incident, the Cover team immediately acknowledged the attack and went on to warn....
Cover Protocol will distribute new "coins" to token holders as Binance announces compensation for affected traders. Peer-to-peer coverage market Cover Protocol has published a compensation plan for token holders and liquidity providers affected by the recent hack. As part of the process, the Cover Protocol team took a snapshot at block height 11541218, the last transaction block before the exploit began.Eligible liquidity providers on Uniswap, SushiSwap, and Balancer will receive new COVER tokens based on their share of the liquidity pool on those platforms. Liquidity providers on the....
A possible exploit in DeFi protocol Harvest Finance has caused the site's TVL to drop sharply, along with the price of its FARM token.