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 Plans New Token After 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.
Cover Protocol Attack Perpetrated by ‘White Hat,’ Funds Returned, Hacker Claims
The 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. This story is developing and will be updated.