DeFi project Cover Protocol will cease to exist and give away its tokens

Decentralized Finance Protocol (DeFi) will divide funds left at its addresses between COVER and RULER token holders

The peer-to-peer insurance platform Cover Protocol and its associated lending service Ruler announced its closure after key developers left the project. This was announced by one of the founders of the protocol under the pseudonym DeFi Ted. According to him, the assets left at the addresses of the protocol will be divided between the holders of tokens COVER and RULER. The creators of the project do not claim to share the assets, DeFi Ted noted.

Amid the news of the shutdown, the COVER token fell in price by 17%, while the price of the RULER token collapsed by 93%. As of 11:30 MSK on September 6, COVER is trading at $218 and RULER is at $0.69.

At the end of 2020, the Cover Protocol platform suffered a hacking attack, which resulted in an attacker increasing the issuance of the COVER token. After that, the price of the cryptocurrency fell by more than 90%.

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