Cover Protocol may launch a new token
Today's hack of the Cover Protocol project forced the developers to reconsider their plans for the future. A New COVER token may be launched soon
The developers say they need to take a snapshot of the blockchain before the project was hacked on Monday morning and then make technical adjustments. This will avoid similar situations in the future.
Hello everyone, we are exploring providing a NEW $COVER token through a snapshot before the minting exploit was abused. The 4350 ETH that has been returned by the attacker will also be handled through a snapshot to the LP token holders.We are still investigating. Do NOT buy COVER— Cover Protocol (@CoverProtocol) December 28, 2020
As a reminder, today a cracker, who can be a person or a group of hackers, has claimed responsibility for issuing 40 quintillion COVER tokens. He exchanged tokens for DAI, WBTC and a number of other cryptocurrencies, but later returned the funds to the project.
4350 ETH, which was listed by the hacker, will be distributed among the token holders at the time of the hack. The developers urge not to buy COVER tokens while an internal investigation is underway.
It is not clear how exactly the system was hacked. Soravit Suriyakarn, CTO of Band Protocol, said it was a smart contract error.
It is worth noting that the price of the cryptocurrency is gradually recovering after the news of the refund. The coin is currently trading at $36.