#هام

🔐 Compensation from Nexus Mutual of $250,000 mitigates the impact of the Arcadia hack on the victims!

🚨 Nexus Mutual paid $250,000 to compensate users affected by the Arcadia Finance hack totaling $3.5 million!

💥 The hack occurred due to a vulnerability in the smart contract, where users' assets were withdrawn and converted to WETH.

🛡️ This settlement is one of the first insurance compensations on the Base network (Coinbase's Layer 2)

📆 Claims processing began in late July, and payment was made after the cooling-off period, via OpenCover – an insurance distributor on Base.

🔁 In return, Arcadia is still working on a compensation plan through what is known as Recovery Tokens (RT), tied to USDC and conditional on user participation in the system.

📊 Total compensations from Nexus Mutual since 2019 have exceeded: $18.2 million across 37 incidents, including:

💸 $5 million $ for the TribeDAO hack

💸 $2.3 million $ for Euler Finance

💸 Almost $5 million $ after the FTX collapse

⚖️ Some prefer Nexus compensation because it is direct and easy without conditions or money locks, compared to the complicated recovery plans of some protocols.

📈 Could this be the beginning of a new phase in risk insurance?