The first crypto insurance alternative: covering crypto since 2019 @NexusMutualDAO
London, England
Joined July 2017
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Onchain losses have already hit $1.9B in 2026
If you’re active in DeFi, it’s crucial to have the right risk management in place:
- What are the latest risk trends?
- Which of those risks are you exposed to?
- Are you protected against them?
📗⤵️
Nexus Mutual retweeted
DAS LONDON AGENDA
Institutional DeFi & The Wallet Based Asset Management Era with @SebVentures @armaniferrante @loganjastremski @MontBlancDeFi & @SilvioBusonero
Tuesday Nov 10 in London.
Be there: blockworks.com/event/digital…
Nexus Mutual retweeted
How do ratings, insurance underwriting and onchain risk curation each price the same exposure, and what data and track record does a strategy need before it can be rated or held by an insurer?
How do periodic ratings compare with risk parameters that update continuously onchain? Where does onchain transparency improve underwriting, and where does it only add more data?
On stage:
@ThomasGSy, @NYLIManagement
Timm Reinsdorf, @particula_io
Andrew O’Neill, @SPGlobalRatings
Rei Melbardis, @NexusMutual
Moderator:
@defin00b, Flashbots
Secure your spot: london2026.stablesummit.xyz
Nexus Mutual retweeted
Fast-growing hedge fund @atomic_dgtl has selected @NexusMutual to provide coverage for its capital deployed on @CurrentSUI .
Through its market-neutral strategies, Atomic Digital focuses on delivering consistent, risk-adjusted returns.
Available at 2.40%/yr, @NexusMutual cover exploits, oracle failures, liquidation failures, and governance takeovers.
Looking forward to it!
Drop us a message if you want to come by and talk onchain risk 🤝
The leading onchain insurance alternative, protecting users and institutions against smart contract hacks, depegs and other crypto risks.
@NexusMutual has underwritten $7B of cover since 2019 and joins Proof of Liquidity: London Edition as a co-host.
luma.com/proof-of-liquidity-…
Heading to London next week?
Sign up below for our institutional event with @kpk_io and @ethlabs_org!
🇬🇧 Scaling DeFi comes to London on Wed 11 Nov, during @blockworksDAS.
After Buenos Aires, Cannes and New York, an invite-only evening in Mayfair for allocators, institutional teams and the protocols they work with, co-hosted with @ethlabs_org and @NexusMutual.
Onchain Security Roundup: Oct 26 - Nov 2
$6.3B - Binance Hot Wallets Drained Across 10 Chains
$2.7M - Polymarket Front End Hijacked Through a Third-Party Script
$1.5M - b14g Zero-Amount Withdrawals Release 97 Million CORE
$1M - TranchePool Settlement Bug Exploited at the UTC Day Rollover
$783K - zkLink Nova Bridge Forged a Batch Root Through Transient Storage
$660K - Troves Vault Drained Through a Retired Rebalancer on Starknet
$437K - Premia Vaults Drained via Empty Option Pools on Arbitrum
$400K - Predict_fun Users Hit by Unauthorized Transfers
$202K - Name_com DNS Hijack Serves a Drainer on 12 DeFi Sites
For the full weekly roundup, head over to our blog: nexusmutual.io/blog/onchain-…
What's Covered: a monthly look at the Nexus Mutual book plus trends and yields in DeFi
October was a record month for crypto losses and a busy one for Nexus Mutual
$6.5B was lost across 50 incidents, with a record $6.36B taken from Binance's hot wallets. Centralized exchanges have become a favorite target, which makes Custody Cover more important than ever.
Members bought $65.3M of cover, up from $60.1M in September. A quarter of the month's purchases came through @OpenCover Covered Vaults, and @OriginProtocol's WETH and sUSDe ARMs joined as Vault Cover listings.
Yields firmed, and so did the leverage behind them
USDC on @aave's Ethereum market went from 3.3% to 4.2%, @base jumped to 6.7%, and borrowing against bitcoin on @Morpho's Base market passed a record $1.6B. Thin carry on growing leverage is exactly what Leveraged Liquidation Cover is written for.
Full October issue of What's Covered below
Nexus Mutual retweeted
Yesterday, DPRK state-sponsored attackers hit Binance with the largest exploit in history.
- $6.36B stolen
- $2.84B frozen or seized (44.6% of the loss)
- $3.52B sitting in attacker's wallets
Binance says they've secured $6.34B to cover losses. That's equal to 4.39% of their reserves.
If an attack like this can happen to Binance, it can happen to any exchange. Many centralized exchanges wouldn't be able to survive an attack of this magnitude.
Your CEX balance is only as good as the exchange's ability to repay you. Nexus Mutual's Custody Cover protects against these types of scenarios: an exchange that passes losses on to users or halts withdrawals for months.
We've paid 100% of valid claims since 2019, $24M+ in total. That includes claims for FTX & Hodlnaut.
Read the full incident report
How did the largest heist in history go down?
Read our incident report for a detailed breakdown:
- How the attack unfolded
- How the damage spread
- How Binance and others responded
- What should have been different
- and whether it's covered...
Incident Report: nexusmutual.io/blog/binance-…
How did the largest heist in history go down?
Read our incident report for a detailed breakdown:
- How the attack unfolded
- How the damage spread
- How Binance and others responded
- What should have been different
- and whether it's covered...
Incident Report: nexusmutual.io/blog/binance-…
Nexus Mutual retweeted
We've always cared about bringing the right people together at Proof of Liquidity, so it's great to hear that reflected in the feedback.
@notthedrphil from @NexusMutual shares his experience at our Singapore Edition.
Lights, camera, action! 🎬
Catch our Head of BD @MontBlancDeFi's interview with @FINTECHTVglobal at @DeFinition_evt
How can we fix DeFi's trust problem?
terminal.fintech.tv/fintecht…
Onchain Security Roundup: Oct 19 - Oct 26
CoinDCX Retired Deposit Wallets Drained on TRON
On October 21st, 15.9M USDT (plus a reported 5,784 TRX) left 40 TRON addresses that the Indian exchange CoinDCX had retired after its July 2025 breach. CoinDCX first called the reports a possible false alarm, then on October 25th confirmed a $16 million loss, blamed a failed automated sweeping service, and absorbed the loss. It has not said how the funds were taken. Tether reportedly froze $2.2M.
X100 Global Flash Loan Governance Takeover
On October 24th, an attacker used a 1.9M USDT Aave flash loan to buy two of the three seats on X100 Global's "Senate," pass a proposal in the same transaction, and sell 400,000 treasury X tokens at 35.68 USDT. Blockaid valued the loss across two transactions at $4.85 million, with another pulling 550,000 X of liquidity. Two onchain bounty offers followed. No funds have been recovered to date.
Initia MoveVM Script Cache Bug and Unbacked Bridge Withdrawals
On October 23rd, an attacker exploited a script-caching bug in Initia's MoveVM to credit itself with WETH, iUSD, and USDC balances that no deposit backed, then bridged $2.7 million out over LayerZero, Noble, and CCTP before Initia halted its L1 and rollups.
Initia says a fix and audit will take days and has set no restart date. No funds have been recovered to date.
BloomTrading Bot Wallet Drains on Solana
On October 26th, 9,408 SOL ($947,000) was drained from 49 Solana wallets. Bloom, the Telegram trading bot that generated and held the keys, says a remote code execution flaw in a third-party module was exploited, no private keys were compromised, nine users across 49 wallets were affected, and that it will reimburse them fully. No funds have been recovered to date.
NEM Token Skim-and-Burn Reserve Manipulation
On October 21st an attacker drained 821,920 USDT from the PancakeSwap USDT/NEM pool on BNB Chain in a single transaction. The NemTokenV2 contract credited tokens sent to the pool as pending sells before any swap settled, and a permissionless function then burned NEM out of the pool against that stale credit and resynced the reserve. It ran 42 times with flash-loaned USDT, pushing the price up before the attacker swapped out. No funds have been recovered to date.
WAX Bridge Negative Fee Withdrawals
On October 22nd, a freshly created WAX account submitted five bridge withdrawals with a negative max_fee equal to the withdrawal amount, so the WAX side debited nothing while the bridge still recorded full withdrawals. Solana then paid 52,986.50 USDC and Ethereum released 21,558 USDT, 840 DAI, 2.55 WETH, and 0.11 WBTC ($90,500). No funds have been recovered to date.
Swell Network Hot Key Compromise (No Confirmed Loss)
On October 21st, an unknown actor controlled Swell Network's operational hot keys, including the oracle bot for swETH and rswETH, and raised both exchange rates by the 1%-per-hour maximum with no ETH behind the increase.
Per @spreekaway's incident report, four upgrade payloads capable of sweeping 2,513 ETH ($6.2 million) were deployed but never installed, and no ETH left the core contracts. Swell paused deposits and withdrawals on October 23rd and queued key revocations on its timelock. The investigation is ongoing.
Read the full roundup below 👇
Nexus Mutual retweeted
Learn more about the worst year for onchain losses since 2022. We've put together a report that reviews trends we've seen YTD in 2026, with notable highlights on:
- Operational losses for protocol teams
- Oracle-related losses in DeFi
Read the full report 👇
Read the full quarterly report here: nexusmutual.io/blog/the-stat…
