XRP Price Analysis: Ripple Surges 30% Ahead of SEC Ruling - Can It Hit $1 While Alternative Eco-Friendly Project Continues to Shine?
newsbtc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsbtc.com Daily Mail and Mail on Sunday newspapers.
Stock Market | FinancialContent Business Page
financialcontent.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialcontent.com Daily Mail and Mail on Sunday newspapers.
Hackers Exploit DeFi Project Cover Protocol, COVER Token Price Tanks 90%
Dec 29 2020 · 15:00 UTC by Bhushan Akolkar · 2 min read
Photo: Shutterstock
You have successfully joined our subscriber list.
In one of the biggest attacks in the DeFi space, hackers exploited the DeFi project Cover Protocol by liquidating nearly 12K COVER coins and injecting an additional supply of 40 quintillion Cover “coins”.
DeFi project COVER staking protocol has recently been the victim of a suspected attack while artificially inflating the COVER token supply. The hackers have reported exploited the Cover protocol with millions of stolen cover tokens amounting to a massive $2 trillion.
Allegedly, the hackers infused an additional supply of over 40 quintillion Cover “coins”. This resulted in the COVER coin price crashing nearly 90%. On Monday, December 28, the COVER token price crashed all the way from $735 to $53, as per the data on CoinGecko.