{"id":142777,"date":"2020-12-28T17:05:54","date_gmt":"2020-12-28T14:05:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cover-protocol-suffers-infinite-minting-attack-price-tanks-97\/"},"modified":"2020-12-28T17:05:54","modified_gmt":"2020-12-28T14:05:54","slug":"cover-protocol-suffers-infinite-minting-attack-price-tanks-97","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cover-protocol-suffers-infinite-minting-attack-price-tanks-97\/","title":{"rendered":"# Cover Protocol suffers infinite minting attack, price tanks 97%"},"content":{"rendered":"

“# Cover Protocol suffers infinite minting attack, price tanks 97% <\/strong>”<\/p>\n

A suspected hacker has exploited the Cover staking protocol, inflating<\/a> the token supply by printing over 40 quintillion “coins” <\/p>\n

However, in a surprising move, the suspected attacker returned<\/a> the funds with a note saying: “Next time, take care of your own shit.”<\/p>\n

\"\"
Cover Attacker Mints 40 quintillion tokens. Source: Etherscan.io<\/a><\/figcaption><\/figure>\n

\u00a0In the initial exploit, the attacker liquidated over 11,700 coins on the 1inch decentralized exchange aggregator after inflating the token supply according to data from the Ethereum wallet explorer Nansen<\/a>. In total, the rogue actor drained more than $5 million from the project as of press time.<\/p>\n

Cover Protocol released addressed the incident in a message posted on its Discord group, stating:<\/p>\n

“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immedia<\/a>tely.”<\/p><\/blockquote>\n

According to the Cover Protocol team, the issue only affected the token supply with funds held in “claim\/noclaim” pools still safe. The project says it is investigating the incident.<\/p>\n

The attack caused a massive decline in the COVER token price, falling by more than 97% while also eliciting negative comments from a cross-section of the crypto community on social media. Back in November, Cover was one of the DeFi protocols to merge with Yearn.Finance. <\/p>\n

Monday’s incident makes the Cover the latest DeFi project to suffer a malicious exploit in a year ridden with opportunistic profiteering attacks against numerous protocols.<\/p>\n

As previously reported by Cointelegraph, the spate of DeFi hacks throughout the year stand out as one of the major disapp<\/a>ointments in the crypto space for 2020 with data manipulation deemed as being easy to accomplish on many projects.<\/p>\n