DeFi Insurance Firm Nexus Mutual Makes Its First Payout Following bZx Attacks
Nexus Mutual members voted to pay out two claims following the bZx flash loan attacks – a first for the DeFi insurance pioneer.
A way to be covered in the event of an exchange hack.
Nexus Mutual's CEO, Hugh Karp, lost the tokens after an attacker gained remote access to his computer.
The firm aims to sell over $1 billion worth of cover in 2021 spread across at least 30 protocols.
Nexus Mutual is seeing a surge in demand. "Our product has honestly seen massive interest since yield farming kicked off," said founder Hugh Karp.
Nexus Mutual, an alternative insurance provider for a variety of Ethereum-based DeFi protocols, has seen its risk pool double over the past 90 days to more than $4 million.