Cover Protocol Announces Plans To Compensate Hack Victims
Last Updated: 01 January 2021
The cryptocurrency industry has been affected by a series of hacks this past year. In most of the attacks, the victimized company usually engages professional investigators to look into the situation and find a better way to compensate victims.
And it seems one of the unfortunate victims, Cover Protocol, has announced a compensation plan to settle users who were affected due to the hack.
According to the announcement, liquidity providers and token holders are also included in the compensation plan. When Cover Protocol was exploited by a white hat hacker, the hacker burnt some of the tokens and sold the remaining portion of the tokens for $3 million. The hacker also returned the generated funds from the sale to the deployer.