Nexus Mutual Pay $250K After $3.5M Arcadia Hack
Nexus Mutual don refund about $250,000 to users wey the $3.5 million Arcadia Finance hack on Base blockchain affect. The attackers exploit smart contract weakness, dem swap stolen USDC and USDS to WETH and drain money from user wallets. After 14 days cooling off from July 29, claimants put onchain proofs via coverage partner OpenCover. Nexus Mutual process and pay most valid DeFi insurance claims within seven days. Since dem launch in 2020, dem don pay over $18.25 million for smart contract exploits. CEO Hugh Karp talk say their onchain DeFi insurance model remove middle men and make payout transparent and correct. This matter show say smart contract risk still dey persistent for decentralized finance. Fast and clear onchain claims fit boost traders confidence and make DeFi widely accepted, even though zero risk no fit happen.
Bullish
Di successful $250K payout by Nexus Mutual fit show say their onchain DeFi insurance model dey reliable. For short term, traders go get confidence say claim process fast and transparent, this one go make demand for NXM as risk-hedging instrument go up. For long term, consistent payouts plus their proven record fit attract more users and institution capital, wey go strong the token value. Even though smart contract risks still dey, protocol quick response plus transparency make people get better confidence say di native token go do well.