CEO states he has no money to pay the hacker. https://twitter.com/HughKarp/status/1339121064203399169
What a crazy story...and I bet now that DeFi and crypto are getting super hot again hackers won't settle for anything little.
Based on my research, only members can join. Here is "How to become a Nexus Mutual member "?
370,000 $NXM was stolen. 🤯 More than 9,000,000 in ! Here is the transaction to the hacker account https://etherscan.io/tx/0x4ddcc21c6de13b3cf472c8d4cdafd80593e0fc286c67ea144a76dbeddb7f3629
Is the question if they can cover the losses of individual users and not only the losses of the protocol foundation?
Yeah, think NexusMutual wouldn't cover the $FARM snafu, even as an individual. The smart contracts were just poorly designed.
I vividly remember the case of Harvest Finance ($FARM) where there was an exploit in the systems, using flash loans, and users collectively lost $25M. I was in another group where they were discussing if cover through Nexus Mutual purchased by the protocol, from treasury, would have covered every user who lost money.