Nexus Mutual’s $250k payout cushions blow for Arcadia hack victims
The post Nexus Mutual’s $250k payout cushions blow for Arcadia hack victims appeared on BitcoinEthereumNews.com. Nexus Mutual has transferred $250,000 to reimburse users caught in Arcadia Finance’s $3.5 million exploit, marking one of Base blockchain’s first major insurance settlements. The payout arrives as Arcadia’s own recovery plan remains weeks from implementation. Summary Nexus Mutual paid $250,000 to victims of Arcadia Finance’s $3.5 million hack, marking one of Base chain’s first major insurance settlements. The payout offers early restitution ahead of Arcadia’s own delayed recovery plan based on “Recovery Tokens.” On August 4, crypto insurance alternative Nexus Mutual announced it had paid out $250,000 to users impacted by the July 15 Arcadia Finance exploit on Base, where attackers drained $3.5 million in stablecoins through a contract vulnerability. Once again Nexus Mutual is there, protecting DeFi users and paying out claims. Building trust is a hard fought combination of time and consistency. https://t.co/zoV799k3yz — Hugh Karp
The post Nexus Mutual’s $250k payout cushions blow for Arcadia hack victims appeared on BitcoinEthereumNews.com.
Nexus Mutual has transferred $250,000 to reimburse users caught in Arcadia Finance’s $3.5 million exploit, marking one of Base blockchain’s first major insurance settlements. The payout arrives as Arcadia’s own recovery plan remains weeks from implementation. Summary Nexus Mutual paid $250,000 to victims of Arcadia Finance’s $3.5 million hack, marking one of Base chain’s first major insurance settlements. The payout offers early restitution ahead of Arcadia’s own delayed recovery plan based on “Recovery Tokens.” On August 4, crypto insurance alternative Nexus Mutual announced it had paid out $250,000 to users impacted by the July 15 Arcadia Finance exploit on Base, where attackers drained $3.5 million in stablecoins through a contract vulnerability. Once again Nexus Mutual is there, protecting DeFi users and paying out claims. Building trust is a hard fought combination of time and consistency. https://t.co/zoV799k3yz — Hugh Karp
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