Langsung ke konten utama

Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan

Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan

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 investors against buying the token while investigations were underway. The team also urged the attackers to return the rest of the stolen funds.

However, in their statement on December 28, the team tries to reassure investors that the vulnerabilities exploited by attackers had been fixed. The team says:

The exploit is no longer possible. Please do not buy Cover tokens, and remove your liquidity from the Cover/ETH pool on Sushiswap. Claim/No claim balancer pools are unaffected.

Compensation Controversy

Furthermore, the Cover team also announced a compensation plan based on the snapshot that “will be taken at block 11541218, one block before the first major exploited mint.” Nevertheless, the compensation plan appears to have sparked controversy for the project with some token holders now accusing the Cover team of being dishonest.

For instance, in a response to Cover’s compensation plan, one Twitter user known as Phil argues:

You should make a snapshot from the moment you announced via Twitter that the contract got exploited Cover Protocol. Many people did not know what happened! They thought it’s just a big dip! Binance announced earlier what happened… Unbelievable!

Another user Kyouraku Shunsui asks “why the investors are blamed for being late for the team.” The user asks for a change to “the snapshot time.” However, despite the complaints, the Cover team appears to be proceeding as planned.

What are your thoughts on the attack on Cover? Tell us what you think in the comments section below.

The post Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan appeared first on Bitcoin News.



source https://news.bitcoin.com/attackers-drain-millions-from-cover-protocol-token-holders-attack-compensation-plan/
Label:

Komentar

Posting Komentar

Postingan populer dari blog ini

Kucoin Hacked for $150 Million in Bitcoin; Bitfinex and Tether Freeze $33 Million of the Stolen Funds

Cryptocurrency exchange Kucoin may have been hacked for $150 million in bitcoin and multiple ERC20 tokens. The Singapore-based exchange confirmed the September 25 security breach, but did not disclose the amount stolen. “Bitcoin, ERC-20 and, other tokens in Kucoin’s hot wallets were transferred out of the exchange,” said Kucoin in an update on Saturday. Meanwhile, Bitfinex and Tether, issuers of the centralized stablecoin USDT , immediately froze a combined $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack – an action that has stirred questions around the influence of centralized platforms. Paolo Ardoino, chief technology officer of both entities, tweeted that Bitfinex froze $13 million USDT on EOS as part of the hack. Tether froze $20 million USDT “sitting on this ethereum address as a precautionary measure,” he said. In its update, Kucoin maintains that funds in its cold wallets (offline storage, which is less susceptible to hacks) ar...
Posting Komentar
Baca selengkapnya

Pi Network: Menambang Cryptocurrency Gratis dan Anti Monopoli

Pi Network - Mulai Menambang Gratis Pi Network: Menambang Cryptocurrency Gratis dan Anti Monopoli Pi Network adalah proyek cryptocurrency yang memungkinkan Anda menambang Pi Coin secara gratis dan tanpa perangkat keras canggih. Hanya dengan menggunakan ponsel Anda, Anda bisa bergabung dalam jaringan blockchain yang sedang berkembang ini. Potensi Pi Network: Dengan semakin banyaknya pengguna, Pi Coin bisa menjadi mata uang digital yang sangat berharga di masa depan. Menambang Anti Monopoli: Tidak seperti penambangan tradisional, Pi Network memungkinkan siapa saja untuk berpartisipasi tanpa memerlukan perangkat keras mahal. Cara Menambang: Cukup unduh aplikasi Pi Network, daftar, dan mulai menambang hanya dengan menekan tombol di aplikasi setiap hari. Mulai Menambang Pi Network Gratis
Posting Komentar
Baca selengkapnya

Pi Coin dan Potensinya Kedepan Menurut Pakar Crypto Dunia

Apa Itu Pi Coin? Pi Coin adalah token yang beroperasi di atas Pi Network, sebuah proyek yang bertujuan membuat penambangan cryptocurrency dapat diakses oleh lebih banyak orang. Berbeda dengan Bitcoin, pengguna tidak perlu perangkat keras mahal—cukup dengan aplikasi smartphone. Dengan 35 juta pengguna yang disebut Pioneers, Pi Network berfokus pada membuat crypto lebih ramah pengguna dan ramah lingkungan. Peluncuran Open Network: Apa yang Akan Datang? Peluncuran Open Network pada 20 Februari 2025 menjadi titik penting bagi Pi Coin. Setelah tanggal ini, Pi Coin akan dapat terhubung dengan jaringan lain, membuka kemungkinan perdagangan di platform seperti WEEX, sebuah platform perdagangan futures crypto baru. Permintaan Pi Coin diperkirakan akan meningkat, yang berpotensi membuat harganya naik tajam. Tantangan Regulasi Namun, jalan Pi Coin tidak mulus. Proyek ini menghadapi tantangan regulasi yang cukup berat. Kepatuhan terhadap KYC (Know Your Customer) dan AML (Anti-Money Laundering) men...
Posting Komentar
Baca selengkapnya