Decentralized insurance protocol Cover holds vote to cover Pickle hack
In what might be an important step towards the maturation of the decentralized insurance space, a claim was filed yesterday with DeFi insurance protocol Cover following the $19 million Dai hack of Pickle Finance — and so far, the majority of users want to see a payout happen. Although the hacker absconded with roughly $19 million in Pickle user funds, Cover clarified that any payout was not going to cover the entirety of the loss.
In an interview with Cointelegraph, semi-anonymous and core Cover developer Alan said that after CVC approval, "all PICKLE CLAIM token holders will be able to redeem 1 CLAIM token for 1 DAI," assuming the Claim Validity Committee, or CVC, approves a 100% payout to holders, as Alan expects. Many are concerned about what Cover will decide because yesterday’s attack on Pickle did not use a flash loan attack — a common tactic for hackers targeting DeFi protocols — but rather a maligned tool which some claim resembles more of an exit scam.
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$ 0.1705
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