Hacker walks out with $12 quintillion worth of COVER due to DeFi bug

  • A hacker was able to mint an unlimited number of COVER tokens. 
  • Cover price is down by 80% since the exploit.

Although the Cover protocol itself remains safe, as it wasn’t exploited, it’s the token behind the project that was affected. According to the official announcement, the Blacksmith farming contract was exploited to min infinite COVER tokens. In order to stop the attacker, the team has restricted minting access to the contract. 

Users were also asked to immediately stop providing liquidity for Cover on Uniswap or Sushiswap. If you are a user affected and want to withdraw from the restricted contract, you will need to access the contract through this Etherescan link https://etherscan.io/address/0xE0B94a7BB45dD905c79bB1992C9879f40F1CAeD5#writeContract using the emergencyWithdraw option.

As expected, Cover price plummeted from an average of $800 down to $50 in a matter of hours and will most likely continue to decline as more users realize the contract was breached.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ethereum on threshold for 15% upswing

The weekend session was not yielding for many cryptocurrencies, including Bitcoin, Ethereum, and Ripple. Besides, the majority of the cryptoasset spiraled further, continuing with last week's bearish impulses.

More Crypto News

One key level separates Algorand price from a massive 26% jump

Algorand price is contained inside an ascending triangle pattern on the 4-hour chart. The digital asset is up by 15% in the past 24 hours and bulls aim for more. 

More Algorand News

EGLD aims for a 30% rebound amind market’s recovery

Elrond price is contained inside a parallel channel on the 4-hour chart. The cryptocurrency market has experienced a significant rebound in the past 24 hours.

More Elrond news

VET breakout explores open-air toward the beckoning $0.06

VeChain has lifted off the recent support at $0.0.35. The bullish momentum increased in intensity after stepping above the 200 SMA on the 4-hour chart. 

More VeChain News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast