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HomeNewsHacker Penetrates Cover Protocol; Cover Token Dips 97%

Hacker Penetrates Cover Protocol; Cover Token Dips 97%

On the 28th of December, a suspected hacker penetrated the decentralized finance (DeFi) insurance project Cover Protocol. As a result, the COVER token dropped by over $97%. 

Shortly after the hack, a hacker Grap. finance claimed responsibility for the attack and said all stolen funds had been returned. In a, the suspected hacker said:

report“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.”

Regardless of all the increase, the crypto space saw in 2020, there was also a high number of attacks in several projects.

According to Cover Protocol, an investigation is ongoing regarding the matter.

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