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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

DeFi Projects Cover, Ruler Are Shutting Down After Development Team Exits

The price of both protocols’ tokens plunged on the news.

Sep 5, 2021 at 4:29 p.m. UTC
Updated Sep 7, 2021 at 1:20 p.m. UTC

Decentralized finance (DeFi) insurance provider Cover, together with its smaller lending sibling Ruler, are shutting down after the development team that serviced them both abandoned the projects.

The price of both protocols’ tokens dove on the news, with COVER falling from $268 to $228 while RULER crashed from $10.68 to $1.37, according to CoinMarketCap.

Though the announcement by the community manager known as DeFi Ted didn’t say why the development team had left, the protocols have been plagued with issues, particularly the much larger Cover. Last December, the protocol was a victim of a so-called White Hat attack and then, in March, Yearn Finance ended its plans to merge with Cover.

DeFi Ted warned users to withdraw any funds from the protocols as soon as possible.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Kevin Reynolds is CoinDesk's global news editor. He owns bitcoin, ether, polygon and solana.

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