Introducing FairSide: The Widest and Most Fair Cover Protocol
The insurance industry is over two hundred years old and it has evolved into a vital component of the global economy. The demand for insurance has grown by more than 130 percent over the last decade and is now a staggering $5.5 trillion industry. With new businesses and opportunities coming to life, the demand is unlikely to cease. Likewise, one industry where the demand for insurance is growing at a rapid pace is crypto and DeFi. Despite the rising demand for insurance, today’s fragmented financial infrastructure faces significant challenges. Over 97% of cryptocurrency assets are not....
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Cover Protocol announced it's exploring launching a new COVER token through the snapshot before the attack by a "white hat" hacker on Monday morning.
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....
The decentralized finance (DeFI) insurance project Cover Protocol was hacked earlier Monday in an infinite printing scheme, causing the price of the Cover token to plunge. Hours later, a so-called ‘white hacker’ claimed responsibility for the attack, saying all funds had been returned. The exploiter has cashed out over $4 million including about 1400 either, […]
Defi insurer Cover Protocol, designed to reduce smart contract failure risks, was exploited by a bug in its smart contract on Monday morning.
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....