40,796,131,214,802,500,000 COVER and Binance Delist

[eucalyptus]

Taking advantage of the bug in the contract of the COVER protocol,  40,796,131,214,802,500,000 COVER were created and sold to the market. Before the team can interfere, everything happened suddenly... Binance  will suspend COVER trading and $COVER deposits. But they were late also.
The price dropped from the $800 level to the $20 level.

Binance announcement : https://twitter.com/binance/status/1343535761010819072?s=21

[cryptoaddictchie]

From safe2 and cover protocol it seems this project have heavily been used for scam activity. I dont know why a project with a good reputation that has been listed by binance has been compromised by a stupid function of minting tokens. I dont know how the team will cover this up and pay the investors that has been bleed by draining the liquidity. People behind this must be find and prosecuted.

[inanilujimi]

Damn, things like this happen when the market is in a bull run.
some exchanges can secure the transaction but binance is too late, in no time $ 300 just disappeared. and surely there are a lot of people who have lost.

[sujonali1819]

what is the meaning of title saying (40,796,131,214,802,500,000 COVER)? Oh got it lately.

Sad to hear that there is was a bug and it only influences the investors. The team already earned a lot from that project but in the end, investors lost everything that they invested in the COVER protocol. And it's a common case recently that some reputed projects are getting hacked or something and investor lost their money by them.

[ryzaadit]

what is the meaning of title saying (40,796,131,214,802,500,000 COVER)? Oh got it lately.

That's the total supply after the hacker creating the token from bug smart contract.

Anyway, the big question company like this should be checking everything before the smart contract was deployed right? and sometimes there has some third service audit from some company about the audited result smart contract code. If they do this, how this can happen and service audit need to be asked about their credibility this issue worse than coin hacked on some exchange.

I also have some experience with this kind of issue, in 2017 with the token called Monero Gold but the different the owner it self who change the supply after the smart contract was deployed.

He dumped to Coinexchange to 1 sats from 1000 sat lucky selling the token earl before the dump happen.

[bitbollo]

4,825,523,139,647,050,000,000.00 USD
this was the equivalent amount generated

https://etherscan.io/tx/0xca135d1c4268d6354a019b66946d4fbe4de6f7ddf0ff56389a5cc2ba695b035f

these type of exploits are granted by a weak code, and/or by hidden lines of code...
It's the first time that I heard about this project but I am pretty sure this code wasn't audited by third party ...

[djcaoile1205]

How many hacks already were in defi? And people are still ready to invest in it

[jacafbiz]

This is likely an inside job, when you claim your platform is Decentralized and you have code written into it that can create this infinite amount of tokens from thin air, then something is wrong. I don't trust this Cover or Safe team, this saga is likely going to continue for days, those that I pity are those holding the tokens that have lost great deal of money