Who Insures the Insurer? Cover Protocol Attack Exposes DeFi’s Promise and Peril

Who Insures the Insurer? Cover Protocol Attack Exposes DeFi’s Promise and Peril

Defi insurer Cover Protocol, designed to reduce smart contract failure risks, was exploited by a bug in its smart contract on Monday morning.


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Cover Protocol May Launch New Token Following Attack

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.

Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensati...

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 Attack Perpetrated by ‘White Hat,’ Funds Returned, Hacker Claims

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, […]

Cover Protocol suffers infinite minting attack, price tanks 97%

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....

Bitcoin Exchanges and Their Users Can Now Get Insured in Japan

Japanese Bitcoin exchanges and their customers will soon be insured for the first time thanks to a product launched by Tokyo-based insurance firm Mitsui Sumitomo Insurance. As reported by the regional publication Nikkei, coverage will be offered against damages and losses borne out of breaches or hacks, ranging from 10 million yen to 1 billion yen (between $88,000 and $8.8 million approximately). Notably, coverage also includes losses incurred due to internal company mishaps and employee improprieties, a clause which BitPay is certain to favor following a theft of 5,000 bitcoins in 2015....