There has been another interesting and surprising situation in the decentralized finance industry, which has been shaken by hacking events for the last 1 year. The lead developer of Cover, an insurance protocol founded last year, announced last week that the project has ended its work.
Robbed by “well-meaning hacker” last year
Cover Protocol, which works by locking Cover tokens into the protocol and paying its users here in case other invested protocols are hacked, was attacked by a ‘white hat’ hacker last year, just a few months after the start of the project. The hacker sent the 4350 ETH funds he stole back to the protocol and advised them to fix the error. The refunded funds were distributed to users, but the token price also dropped 95%.
Earlier this year, another DeFi protocol, Yearn.Finance, severed its ties with Cover and the negative situation facing the insurance project was exacerbated.
200% increase during the day
After all these negative events that have been experienced for 1 year, the project developers announced that they were leaving the protocol. The lead developer also stated on September 5 that the project had officially come to an end. Cover, the token of the Cover protocol, saw a 25% decrease after this statement.
Here, Cover’s token, which has not a single positive development and is almost “living dead”, climbed from $ 150 levels to $ 458 with a 200 percent increase before falling to $ 300 later in the day. In fact, the token’s lowest price of $145 was reached yesterday. In other words, the token experienced a great launch from the bottom up. Cover Protocol (COVER) also saw its highest level in February of 2021, reaching $1,687.
Cover is listed on well-known exchanges Binance, Gate.io and OKEx.
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