Protocol Cover, a peer-to-peer cover market provider, was released, but in a twist on the traditional story of hockey, not only has the hacker evolved but he has also made money theft to pay back.
Cover Protocol offers a service in which users can purchase coverage on anything cryptocurrency related. Working on a P2P basis, users buy coverage that is geared against other users who basically bet that the broadcast doesn’t have to pay off.
The hack of Cover Protocol happened today and involved the browser exploiting a vulnerability in a Cover Protocol mining and liquidity farming contract called BlackSmith. The hacker took advantage of the beast to mint at least $ 2 million in cash.
just to be clear:
this does not affect the protocol (which works perfectly), the message only affects $ COVER price
– Luciano (@Luciano_vPEPO) 28 December 2020
At this point, a company would usually panic, put off a list of standard answers and write off the lost money. But several hours after news of the hack was announced, a hacker claimed a “white hat” called Grap.Finance was responsible for the attack and said he had seized all the stolen money. return.
According to Coindesk, Grap.Finance returned about $ 4 million in stolen money, including 1,400 Ethereum tokens, 1 million DAI tokens and 90 WBTC. The hacker is said to have sold 40 quintillion COVER tokens and sold more than $ 5 million of them this morning.
On Twitter, the hacker said he relied on Cover Protocol to take better care.
Next time, take care of your own shit.@CoverProtocol @chefcoverage https://t.co/ks94ucdoRQ
1. No gain.
2. Funds received from LP were returned to COVER.– Grap.finance (@GrapFinance) 28 December 2020
Despite the fact that money appeared to have been returned in a “white hat” hack, the damage to Cover Protocol’s reputation was real. Binance halted trading on COVER tokens while the price of the cryptocurrency also fell, down 76% over the last 24-gours. COVER was trading at $ 878.48 as of 4:32 am EST and then fell to a low of $ 48.95 as of 3:13 pm. From 9:35 pm it trades at $ 210.75.
For Protocol Cover going forward, the company is going ahead with the idea of issuing new COVER tokens through a snapshot of the amounts that existed before the hack happened. “The 4350 ETH returned by the attacker will also be handled through a photo to LP token holders. We are still studying. DO NOT buy COVER, ”said the Protocol Cover team on Twitter.
Image: Cover Protocol
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