Nexus Mutual has paid approximately 250,000 USD to users affected by the Arcadia Finance hack that took place in mid-July, which cost the platform about 3.5 million USD.
Users began to file claims on July 29, and Nexus Mutual ensures that most claims are resolved within seven days, reflecting the growing role of DeFi insurance in enhancing user confidence.
The incident underscores the ongoing risks within decentralized finance systems. Despite DeFi’s advantages, vulnerabilities remain, highlighting the need for robust insurance solutions to protect users.
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