The decentralized finance (DeFI) insurance project Cover Protocol was hacked earlier Monday in an infinite printing scheme, causing the price of the Cover token to plunge. Hours later, Grape.Finance, a so-called ‘white hacker’ claimed responsibility for the attack via its Twitter account, saying all funds had been returned.
The exploiter has cashed out over $4 million including about 1400 either, one million DAI and 90 WBTC. The attacker earlier created 40 quintillion COVER tokens and sold $5 million worth of them on Monday morning. More than $3 million has been returned.
The price of COVER token has plummeted to $177 by over 75% over the last 24-hour period, according to the data from CoinGecko.
This story is developing and will be updated.