Cowl Protocol Plans New Token After Assault

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Cowl Protocol Plans New Token After Assault

Cowl Protocol introduced it’s exploring launching a brand new COVER token via a snapshot after its present one was abused in a minting assault by a


Cowl Protocol introduced it’s exploring launching a brand new COVER token via a snapshot after its present one was abused in a minting assault by a “white hat” hacker on Monday morning.

The hacker, which may very well be a person or a small group, claimed duty for an exploit within the decentralized finance (DeFi) insurance coverage challenge, tricking the protocol into minting 40 quintillions of COVER tokens. The hacker cashed out the tokens in different cryptocurrencies together with both, DAI and WBTC however later gave all of the funds again to the protocol.

“The 4350 ETH that has been returned by the attacker may also be dealt with via a snapshot to the LP token holders. We’re nonetheless investigating,” in accordance with the challenge’s Twitter account urging its customers to not purchase any COVER tokens now.

The event crew behind Cowl Protocol, which not too long ago merged with Yearn, remains to be investigating how precisely the hacker exploited its system. Sorawit Suriyakarn, chief know-how officer at Band Protocol stated the assault seems to be associated to a bug within the sensible contract, the place reminiscence and storage had been used incorrectly.

COVER token’s worth has been on a wild journey during the last day, plummeting by over 75% to $177 on information of the hack earlier than partially rebounding to over $240 after the hacker introduced they’d returned the funds.





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