Arcadia Finance users reimbursed by DeFi hack insurance
Nexus Mutual has paid about $250,000 in claims to users hit by July’s $3.5 million Arcadia Finance hack on Base.
Crypto-native insurance service Nexus Mutual reimbursed its customers who had lost money in the recent Arcadia Finance hack.
According to a Monday announcement shared with Cointelegraph, Nexus Mutual reimbursed approximately $250,000 to users who lost funds in the Arcadia Finance hack. The protocol was hacked in mid-July for $3.5 million in USDC (USDC) and USDS on the Base blockchain, with stolen assets swapped to Wrapped Ether (WETH).
The attackers siphoned funds directly from user accounts. Arcadia users who lost funds started filing claims on July 29 after a 14-day cooldown. In partnership with OpenCover, a base-based coverage seller, Nexus Mutual has provided $250,000 in reimbursements to date.
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