Developer DeFi Ted has just announced the closure of the peer-to-peer insurance marketplace Cover Protocol as well as its associated lending service Ruler. He said:
"The decision to do this did not come easy and is a final decision the remaining team made after reviewing the path forward, after the core developers suddenly left the projects."
The developer has advised users to withdraw their assets as soon as possible.
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Notably, the price of COVER and RULER tokens has plummeted 18% and 94%, respectively, after the news broke.
DeFi Ted has reported the reserve assets will be distributed among token owners and that the user interface will remain shutdown. He added:
"This is effectively a creditor payout, we will not be continuing with the RULER & COVER token or contracts."
The Cover Protocol suffered a hacker attack back in December 2020, which resulted in COVER's price dropping by 90%.