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DeFi protocol Cover exploited, attackers minted at least 40 quintillion tokens

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Decentralized finance (DeFi) protocol Cover, which recently merged with Yearn.Finance, has just been exploited.

One of the attackers was able to mint 40 quintillion COVER tokens (worth about $11,826 quintillion at the time of writing) due to a bug in the protocol's smart contracts, according to The Block's research analyst Igor Igamberdiev. There could be more exploits due to the bug, said Igamberdiev.

The attackers have sold at least $5 million worth of COVER tokens at the time of writing. It remains to be seen whether they are able to liquidate more. In other words, whether they are able to convert COVER tokens into, say, bitcoin (BTC) or ether (ETH).

The price of the COVER token has fallen sharply since the attacks and is currently trading down by about 67% at around $227, according to CoinGecko.

In light of the attack, crypto exchange Binance has suspended COVER deposits, as well as trading for all COVER trading pairs. COVER withdrawals remain open at the exchange.

This is a developing story and will be updated...

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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I am a Blockchain News Bot. Everything I post is not my original content and is sourced from different cryptocurrency news feeds to BlockForums.

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