Do not buy cover coin!

[Dorjoy12 8962]

At the time of  checking twitter,   Cover protocol  tweet  that their cover  coin get hacked which lead the cover coin price drop  850 usd to 18 usd..  In this case  no one should buy cover  coin because its officially  said by cover  protocol  founder..  Also a thing  you need to know that Binance  exchange  site  also suspended  the cover deposit  temporary  because  of this huge hack..  

After few hours of cover  protocol  hack the hacker back some funds to cover  protocol  with said that " Next  time, take care of your own shit" 😆😆..

NOTE: once again i told every  one to do not buy cover  token just Because  of it's  price drop  as you can face  Problem  later..  There has a chance  cover protocol  launch new contract  address  for cover  protocol .. Also those holder  holding cover  coin,  do not sell it..  They will back  your funds after replenish  their contract  address ..  

News source :. https://www.theblockcrypto.com/post/89368/defi-protocol-cover-exploited-attackers-minted-at-least-40-quintillion-tokens

 

 

Edited December 29, 2020 by Dorjoy12

[Dorjoy12 8962]

On 12/29/2020 at 4:11 PM, Abdullah jan said:

Hey mate

Omg it's not good to steal others money I also dis courage this but it's our mistake too we should follow the instructions and also put a strong password to be safe so be smart and be save and don't think the world is like u as a innocent be strong be smart 

 You should read my topic more attentively man because this is about hacking cover coin protocol based on DeFi blockchain..  This hacking was not held from a single user or from any institutional investor but it happened from the whole cover coin protocol which lead off withdrawal, deposit for all cover coin exchange..               

[velasco19 1753]

Thanks for your information, in my particular case I liked Cover and I didn't buy it because I didn't have any money available, honestly I was saved and for all of us who invested in DeFi we know the risk of hacking the protocol and what it implies.
I read that they are going to make a snapchot from a certain block and they are going to give out a new token, so you should not buy the current token on the market.

 

[Sykkuno 2887]

I wasn't going to buy any of the useless defi that are full of bugs and getting exploited so often, probably now it is almost everything has been hacked and lost funds so the risk should be around 99% of losing your funds if you invest in them, doesn't worth it and unless some projects with good code appear defi don't have a chance.

[tienda 8776]

I have not idea about this Cover coin but thank you for sharing this information here to avoid other to fall in the scammers traps. And we should be careful about the such DeFi project not all are legit, the majority are created by the scammers. So never invest your money in a such unknown project.

[Dorjoy12 8962]

On 12/30/2020 at 11:35 PM, tienda said:

I have not idea about this Cover coin but thank you for sharing this information here to avoid other to fall in the scammers traps. And we should be careful about the such DeFi project not all are legit, the majority are created by the scammers. So never invest your money in a such unknown project.

 You are totally right because  recently  DeFi create a hype  in crypto  world which attract people like a magic  but soon it popularity  will decrease  as it create  always  shit coin..  Actually  cover  coin price  was cool though  the hacking of cover  protocol  down its price  huge..  Let's  see this protocol  able to stand up again  or not.. 

[Raqeebzy 6456]

Looks like it was all done by a white hat or a penetration tester or can we say it was all about fear on the hackers part?. Anyways, the good news is that the hackers have returned all of the funds but not until the value of $Cover dropped by more than 170% and it seems not to be recovering a bit even after the news. 

This will be a wake up call to create more secure protocol. This cannot be allowed to happen to people's funds and life investments.

[Jromz 2158]

Honestly, I did not even know this coin named "COVER" existed. I don't like to look down on cryptocurrency projects but definitely prefer to rest assured investing and holding only those coins on the very top of the market capitalization and that have been along for long without having this kind of attacks. I know sometimes people like to experiment with new coins but in my opinion this can be costly sometimes.

[Whited35 15285]

On 12/29/2020 at 12:34 PM, Dorjoy12 said:

At the time of  checking twitter,   Cover protocol  tweet  that their cover  coin get hacked which lead the cover coin price drop  850 usd to 18 usd..  In this case  no one should buy cover  coin because its officially  said by cover  protocol  founder..

Lol, $850 USD to 18 USD ? I think it is their own strategy to cheat. Is hacking confirmed by the concerned authority ? Otherwise, I am facing a hard time to believe it is hacked. What is the point behind it to initiate that value that much higher ? If the bugs were appeared in their smart contracts, it should be genuinely recognized by the tech-savvy experts first. 

[Fkka 22]

Probably a factor as to why they're doing so poorly. So if you invest, you should have a 99% risk of losing your funds. Among them it is not valuable. I was going to buy a useless deflee that is full of bugs and is often exploited, which is why I found out.

[nykas 2812]

It`s a very interesting story and it repeats again and again. Some DeFi protocols have already been hacked last summer. Again and again appears DeFi projects, which attract many investors and then hackers just steal their money. Fortunately, for now there was an exception and funds were returned, but anyway, everyone should be careful investing in such projects 

[Dorjoy12 8962]

5 hours ago, Whited35 said:

Lol, $850 USD to 18 USD ? I think it is their own strategy to cheat. Is hacking confirmed by the concerned authority ? Otherwise, I am facing a hard time to believe it is hacked. What is the point behind it to initiate that value that much higher ? If the bugs were appeared in their smart contracts, it should be genuinely recognized by the tech-savvy experts first. 

I do not know what is the exact  reason Brothers  but i heard that one DeFi protocol  did this same strategy  as you mentioned ..  The protocol  authorities  hack the protocol  then declare  to its uses that they got hacked..  Almost  all the user got shocked and start to doubt about DeFi project.. I forget the protocol  name.. 

[Whited35 15285]

10 hours ago, Dorjoy12 said:

I do not know what is the exact  reason Brothers  but i heard that one DeFi protocol  did this same strategy  as you mentioned ..  The protocol  authorities  hack the protocol  then declare  to its uses that they got hacked..  Almost  all the user got shocked and start to doubt about DeFi project.. I forget the protocol  name.. 

Alright but next time, while presenting any issues on the forum, kindly gather all the essential information behind the issue. At least clues are necessary to be as specific as possible. All DeFi platforms are not truly decentralized. Some malicious developers modifies the system to secretly sync data to the secret servers  so users should be careful. 

[Dorjoy12 8962]

16 minutes ago, Whited35 said:

while presenting any issues on the forum, kindly gather all the essential information behind the issue.

I have remember  now that DeFi protocol  harvest  Finance  got hacked  and lost almost  $24 million usd though  the user  of harvest  claim that it was not get hacked by any hacker ofcourse.. Because  after audit the smart contract  how a coin able to get hacked??  Actually  DeFi scammers  use this hype to collect huge profit.. 

[Cleaner 2549]

On 12/29/2020 at 12:49 PM, Dorjoy12 said:

At the time of  checking twitter,   Cover protocol  tweet  that their cover  coin get hacked which lead the cover coin price drop  850 usd to 18 usd..  In this case  no one should buy cover  coin because its officially  said by cover  protocol  founder..  Also a thing  you need to know that Binance  exchange  site  also suspended  the cover deposit  temporary  because  of this huge hack..  

An exchange site is hacked.  And the hackers stole the cover coins of that site, causing the price of those coins to drop from 850 usd to 18 usd.  So we will not buy cover coins from any exchange site because it is not safe.  Many exchange sites have been hacked resulting in many losing a lot of money.  So we need to be aware of these hacking.  And refrain from buying all types of coins.

[Whited35 15285]

6 hours ago, Dorjoy12 said:

I have remember  now that DeFi protocol  harvest  Finance  got hacked  and lost almost  $24 million usd though  the user  of harvest  claim that it was not get hacked by any hacker ofcourse.. Because  after audit the smart contract  how a coin able to get hacked?? 

It can be detected while monitoring the transaction records. Generally breaches from the smart contracts can be identified if hackers have already managed to drain a huge amounts of the coins from the platform and I guess, similar case was applicable for this hack too however, I still need to search  more details about the incident how the hackers trick up the system. 

[Ryken8 545]

It is always high risk to invest into lesser known coin and lesser know crypto projects. I would recommend to invest in more known coins and tokens instead, preferably the top 20 to 30 coins in the market for a more secure investment.

[Dorjoy12 8962]

5 hours ago, Whited35 said:

, I still need to search  more details about the incident how the hackers trick up the system. 

 You can but already  lot of defi investor stop trust on defi now..  Recently we are going to get  another  defi protocol  coin name Moon which also getting good popularity  now and every one thinking it will be cool..  I wanna  see how long DeFi project run with hype then because  IDO is coming 😅

[Whited35 15285]

On 1/3/2021 at 10:48 PM, Dorjoy12 said:

 You can but already  lot of defi investor stop trust on defi now..  Recently we are going to get  another  defi protocol  coin name Moon which also getting good popularity  now and every one thinking it will be cool..  I wanna  see how long DeFi project run with hype then because  IDO is coming 😅

Hey, not all DeFi projects are running due to the hypes. There are already so many decent DeFi platforms with the unmatched security adjustments and encryptions. Moon means Moonswap or anything else? I do not have much information about that. Especially, problems are seen in the recently created some new DeFi platforms. 

[Dorjoy12 8962]

14 hours ago, Whited35 said:

Moon means Moonswap or anything else? I do not have much information about that.

Moon is a new defi coin recently  going  to launched  Which  bounty  thread available  in bitcointalk  forum  bro..   Now the presell of moon coin is around 1.5 usdt in Uniswap  exchange  site ..  If you are Interest  in it then you can invest your some money Too THERE  for good  profit.  

[Yaabu 80]

Sorry brother I am new on this coin, I have no information about it, Please inform us more about these present circumstances. please tell us more about what is its advantage. 

[ibrahim halil anaç 138]

Thank you for informing us. I'm not very interested in cover money. I especially prefer to stay away from these types of coins with security weaknesses.

[Whited35 15285]

11 hours ago, Dorjoy12 said:

Moon is a new defi coin recently  going  to launched  Which  bounty  thread available  in bitcointalk  forum  bro..   Now the presell of moon coin is around 1.5 usdt in Uniswap  exchange  site ..  If you are Interest  in it then you can invest your some money Too THERE  for good  profit.  

If that is from DeFi platform, say token not coin 😎 !Well, I am not interested in it but I will give a look at it to check how solid project really is. For now, the craze is enough for Bitcoin and other top rated altcoins. New DeFi platforms and tokens from should be investigated properly before making investments in them. 

[Eezabell 339]

Buying of the Coin is very good thing. If we buy the Coins and just try to hold these Coin we will get the Profit least. Because the Buying and Holding are the Two great things that will give us profit in the form of the money and all about the money.

[bogdanoff 3173]

So many defi failures were during all this time and millions again lost. But we have to give another chance because the technology is important and if the bugs are fixed and found it will become very important.