Free Bitcoin 2020

Image
Free Bitcoin 2020 Earn Free Bitcoin Daily in Internet 2020 Learn different ways to earn Bitcoins by completing simple tasks, Captcha’s and sell your Bitcoins for real money. Free Bitcoin 2020 What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency. Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets. Bitcoins in its pure essence is money. It is digital curren

Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan

Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan

Decentralized finance insurance project Cover protocol briefly suffered losses when an unknown attacker minted over 40 quintillion Cover tokens. However, after successfully cashing out tokens worth about $5 million, the attacker unexpectedly returned ether tokens valued at about $3.2 million before leaving a message for the Cover team.

Exploit No Longer Possible

Immediately after the attack, the value of the insurance protocol’s token plummeted by over 94% to $34 at the time of writing. After the incident, the Cover team immediately acknowledged the attack and went on to warn investors against buying the token while investigations were underway. The team also urged the attackers to return the rest of the stolen funds.

However, in their statement on December 28, the team tries to reassure investors that the vulnerabilities exploited by attackers had been fixed. The team says:

The exploit is no longer possible. Please do not buy Cover tokens, and remove your liquidity from the Cover/ETH pool on Sushiswap. Claim/No claim balancer pools are unaffected.

Compensation Controversy

Furthermore, the Cover team also announced a compensation plan based on the snapshot that “will be taken at block 11541218, one block before the first major exploited mint.” Nevertheless, the compensation plan appears to have sparked controversy for the project with some token holders now accusing the Cover team of being dishonest.

For instance, in a response to Cover’s compensation plan, one Twitter user known as Phil argues:

You should make a snapshot from the moment you announced via Twitter that the contract got exploited Cover Protocol. Many people did not know what happened! They thought it’s just a big dip! Binance announced earlier what happened… Unbelievable!

Another user Kyouraku Shunsui asks “why the investors are blamed for being late for the team.” The user asks for a change to “the snapshot time.” However, despite the complaints, the Cover team appears to be proceeding as planned.

What are your thoughts on the attack on Cover? Tell us what you think in the comments section below.

The post Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan appeared first on Bitcoin News.



from Bitcoin News

Hot News

Free Bitcoin 2020

Defcon Speaker Discusses Liberating $300K Worth of Bitcoin From an Encrypted File