P2P Insurance Network Cover Protocol Executes Claim for Pickle Finance Hack

P2P Insurance Network Cover Protocol Executes Claim for Pickle Finance Hack

By Abhimanyu Krishnan | News | 25 Nov 2020


Decentralized insurance coverage network Cover Protocol announced on Nov. 24 that its users had successfully agreed to payout a coverage for the Pickle Finance hack that occurred on Nov. 23.

  • Cover Protocol will cover some of the funds from the $20 million exploit that Pickle Finance suffered, making the claim the first platform’s first coverage
  • The platform will make a 100% payout i.e. each CLAIM token will be redeemable for 1 DAI token; A total of 282,035 DAI will be covered
  • A peer-to-peer insurance marketplace, Cover Protocol was launched only as recently as Nov. 20, and allows market makers to supply insurance funds and set the premiums
  • COVER is the successor of SAFE protocol, which saw the departure of the lead investor
  • The website lists Yearn Finance founder Andrej Cronje and FTX CEO Sam Bankman-Fried as advisors; Bankman-Fried has denied any involvement 

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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