Binance Announces $10 Million in COVER Recovery Aid

[waybesuricata]

Binance is giving over $10 million to clients who lost money in the Dec. 28 Cover Protocol contract attack.

Binance released a news item on its website regarding the Incident Resolution Plan for COVER. The coin fell victim to a contract attack on Dec. 28. A mining exploit allowed the hacker to create 40 quadrillion (yes, quadrillion) COVER tokens.

Even though the Cover team saw the $3.2 million in tokens sold, events took a sudden turn hours later. The hacker returned the money.

Cover-ing itself
On Dec. 30, Cover Protocol announced that it would execute a compensation plan. The company wrote that they would take a snapshot of the last block before the attack. All compensation would be based on the state of affairs at that block. Liquidity providers at that time on Uniswap, SushiSwap and Balancer are covered. So are $YETI and $YPIE token holders and all unmigrated SAFE and SAFE2.

Cover will mint new tokens. The company writes that it is working with centralized exchanges to send the new tokens to their wallets. Cover also notes that Binance will use the same block, 11541218, for its own snapshot of COVER ownership.


Source and continuation of the article: https://beincrypto.com/binance-announces-10-million-in-cover-recovery-aid/