Nexus Mutual
@NexusMutual
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Nexus Mutual is the leading onchain insurance alternative @NexusMutualDAO
London, England
Joined July 2017
📈 @HughKarp joins us for the final DeFi & Risk Learning Group session to share what’s next for Nexus Mutual. Come for the strategy. Stay for the community. Leave with 3 new ways to protect your onchain life in your notes app. 🛡️. 🗓️ You in?
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🚧 This was always an experiment. Could peer-to-peer learning in DeFi actually work?. We ran a pilot cohort. People showed up. Took risks. Asked hard questions. Now it’s time to reflect and share what’s next. 🐢. Final session coming up next week:
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TLDR: GMX v1 hacked for $40M. GMX v1 Protocol Cover was only available from Nexus Mutual, and would have covered this exploit. You're Covered with Nexus Mutual.
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Audits, bounties, security, and opsec are there for the known threats. Nexus Mutual protects you against unknown threats.
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This is an unfortunate reminder of how cautious you have to be in DeFi. The same technological building blocks that unlock new possibilities open protocols up to unique vulnerabilities.
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While no one had active GMX v1 Protocol Cover from Nexus Mutual, the listing was live and several stakers had allocated capacity to it. Our Head of Product, @BraveDeFi whipped up a detailed analysis here.
Early analysis indicates this exploit was caused by a vulnerability in how GMX v1 calculated AUM, which allowed the attacker to manipulate the price of GLP tokens and steal funds from the smart contracts as a result. I'll wait for a full post-mortem from the GMX team, but there.
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⚠️ An attacker drained $40M in tokens from the GMX v1 GLP pool on Arbitrum ⚠️. Even when a protocol has undergone multiple audits & bounties while operating for years, it's nearly impossible to eliminate every risk. No company is too big to get hacked. That's why Nexus is here ⤵️.
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RT @HughKarp: GMX exploit happens. Nexus team receives notifications. Works out potential max liability is ~40 ETH. All within 30 minutes.….
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RT @BraveDeFi: This is a good reminder that protocols live for many years can still get hit by an exploit—even protocols that go through mu….
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🧪 What happens when you give folks a bit of ETH and tell them to go explore DeFi?. At our final DeFi & Risk Learning Group session, cohort members share what they did. Also maybe, what they’d never do again. 🗓️ Join us:
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RT @OpenCover: 🇫🇷 Missed out on @EthCC ?. 🏖️ Yes, you Cannes still win!. 🎁 We’ve extended our Spin to Win giveaway, and yes, every spin win….
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Everyone in Cannes is already winning 😎. In case you need a little something extra, we teamed up with @OpenCover and @coinbase to give away some more prizes!. Check out the details and enter below ⤵️.
🇫🇷 OpenCover is at @EthCC this week 🇫🇷. 🛡️ To celebrate, we've teamed up with @NexusMutual and @Coinbase One to keep you safe onchain. 🎁 Oh, and we're bringing the heat with special goodies: spin the wheel to win ETH, limited edition merch and more — every spin wins 👇
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Missed our DeFi pulse the other week?. Catch the replay here of @s3mtur4n chatting with @AniaWiktoria7 and @BraveDeFi!. From crypto law to DeFi alpha, this episode is packed with awesome info ⤵️.
DeFi Pulse: Open Forum on Crypto Law
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RT @EthCC: Thank you @NexusMutual for supporting us this year as a WAGMI sponsor! 💪. The leading crypto insurance alternative. https://t.co….
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Counting down the days until @EthCC. Be sure to drop by our booth in the WAGMI pavilion to enter some fun giveaways, grab swag and talk about protecting your crypto 🤝. Will we see you there?
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4/ Earn on your crypto or borrow against your collateral with peace of mind when you buy Blue Chip Morpho Vaults Bundled Protocol Cover. Protect your crypto against:. 🛡️ Smart contract hacks.🛡️ Oracle failure.🛡️ Oracle manipulation.🛡️ Liquidation failure.🛡️ Governance attacks.
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3/ Depositing collateral in a single market and want cover for only that market? Reach out to our team and receive a quote: Our pool managers can underwrite single Morpho markets for a low price compared to the Blue Chip Morpho Vaults listing, which.
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