Cover Protocol experiences relentless minting attacks, price falls at 97%.

Spread the love

Cover, the peer-to-peer coverage market, is the latest DeFi project to endure an assault.

A suspected hacker has used the Cover Swing 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:

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 wallet explorer Nansen. In total, the rogue actor drained more than $5 million from the project as of press time.

Cover Protocol released addressed the incident in a message posted on its Discord group, stating:

“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.”

According to the Cover Protocol team, the issue only affected the token supply with funds held in “claim/noclaim” pools still safe. The project says it is investigating the incident.

RECOMMENDED READ:  Market Analysis of Ethereum, ETC, Bitcoin SV for December 30th

The attack caused a massive decline in the COVER token price, falling by more than 97% while also eliciting negative comments from a cross-section of the crypto community on social media. Back in November, Cover was one of the DeFi protocols to merge with Yearn.Finance.

Monday’s incident makes the Cover the latest DeFi project to suffer a malicious exploit in a year ridden with opportunistic profiteering attacks against numerous protocols.

As previously reported by Cointelegraph, the spate of DeFi hacks throughout the year stand out as one of the major disappointments in the crypto space for 2020 with data manipulation deemed as being easy to accomplish on many projects.

 374 Interactions,  6 today

VW teases a bigger ID.6 electric SUV ahead of its debut at the Geneva Motor Show.

Expect a finished version of the ID.Roomzz definition. VW has another batch of electric cars in the works, and it Read more

Apple claims that iMessage on Android would ‘hurt its business more than benefit it

Epic contends that Apple binds users to its environment and does not let them leave quickly. Apple's programmes deliberately trap Read more

Decode messages embedded in Nvidia’s GTC keynote to win an RTX 3090.

Which is more difficult: finding a GPU in stock or deciphering Morse code? Nvidia has announced a treasure hunt, with Read more

Firefox will cease to support Amazon Fire TV and Echo Show systems in few days.

The browser's support will be discontinued on April 30th. Starting on April 30th, Mozilla will discontinue Firefox support for the Read more

Web 3.0: The Future’s Decentralized Internet

Few technologies have come close to matching the ease and importance that the internet provides to billions of people around Read more

Alibaba reportedly fined $2.8 billion in a Chinese antitrust lawsuit.

The investigation focused on Alibaba's "monopolistic practises." After completing an antitrust probe into suspected monopolistic activities, Chinese regulators slapped Alibaba Read more

RECOMMENDED READ:  US Treasury Official says IRS is Assessing Models for Crypto Tax Reporting Rules
How Biden plans to us his first budget with US factories to combat chip shortages.

It is investing millions of dollars in domestic manufacturing efforts. To address chip shortages, President Biden is not depending entirely Read more

The FBI has charged a guy with plotting to blow up an Amazon data centre.

He supposedly desired to 'destroy' the majority of the internet. According to law enforcement, Amazon's data centres are also prime Read more

NASA has postponed the Mars helicopter ride until at least April 14th.

NASA placed the flight on hold after a test posed enough concerns. To see NASA's Mars helicopter in motion, you'll Read more

The Google Pixel Watch leak provides us with our first look at the much-anticipated smartwatch.

Take a look at this Apple Watch competitor first. Whispers about Google's smartwatch began to circulate in 2018, but there Read more

How Samsung attempts to convert iPhone owners into Android adopters with the Galaxy test drive mobile app.

For iPhone users who want a "taste of Samsung" While Samsung's Galaxy S21 lineup is selling better than the previous Read more

Leave a Reply

Contact Us