Yet another DeFi protocol fell prey to hackers. Cover Protocol’s native token dropped 80% within minutes.
80 percent decrease
Reportedly, there was another DeFi hack that caused massive drops for the native token. This time, Cover Protocol became the victim, and the COVER token dropped almost 80% on Binance within minutes.
COVER fell almost 80% before returning to the current trading price. Although there is some recovery, the price is still 50% behind today’s high.
The team behind the protocol has not been able to make any statement so far.
However, members of the cryptocurrency community, including the phenomenon Ivan on Tech, announced that the protocol was hacked.
2020 has been the year of DeFi hacking
More and more DeFi projects continue to fall prey to hackers.
As CryptoPotato reported earlier this month, Warp Finance was hacked by a flash credit attack that paid the perpetrator $ 7.7 million.
In addition to this development, Binance announced that it will suspend the COVER trade after the hack.