Cover Protocol Sheds 97% After Suffering Minting Attack
Last Updated: 29 December 2020
Decentralized Finance (DeFi) insurer Covered Protocol suffered a minting attack earlier on Monday, which saw its price dropping by 97% shortly after the attack.
However, a few hours after the infinite printing scheme hack, a “white hacker” known as GrapFinance revealed on Twitter that it was responsible for the hack and that all funds have been returned.
The white hacker initially withdrew more than $4 million, which include 90 WBTC, one million DAI, and about 1,400 ether.
Barely 24 hours after the incident, the price of COVER slumped by 95% to $50 per token. However, the price is gradually picking up. COVER’s price was around $859 before the hacking incident. The price has rebounded to $240 after the white hacker claimed responsibility and returned the funds.