Leaders of the crypto insurer Nexus Mutual told CoinDesk its governing body may lawyer up if policyholders who lost money in the recent Euler Finance hack and filed claims for their losses don’t pay back the insurance project. Euler suffered a $200 million hack last month, but the culprit returned nearly all the money. So, Nexus Mutual covered losses for people who ended up not actually having losses. Nexus Mutual, one of the largest insurance platforms covering high-risk decentralized finance (DeFi) deposits, is waiting to get paid back by five clients who filed claims after the March incident, according to on-chain data. Together, those clients represent about $2 million in crypto of the nearly $2.4 million in total claims Nexus Mutual paid. The situation underscores how parts of DeFi still rely on trust despite crypto proponents’ insistence that crafty code could supplant that most fundamental aspect of traditional financial systems. At press time Euler’s redemptions portal had returned $133 million in value to 457 users, six of whom were also Nexus Mutual policyholders. Of those six, four have returned some $380,000 in various cryptocurrencies to the group.
Full story : DeFi Insurer Nexus Mutual Demands $2M Refund From Euler Hack Claimants. One User Traded it Anyway.
