CEO of DeFi Insurer Nexus Mutual Hacked for $8M in NXM Tokens

The protocol is safe, but its founder lost his stash of 6% of all tokens. An unknown attacker stole $8 million from the personal wallet of Hugh Karp, the CEO of DeFi coverage platform Nexus Mutual. According to a disclosure by Nexus Mutual, the funds were drained on Monday morning UTC by compromising Karp’s personal device. The hacker reportedly managed to install a compromised version of MetaMask that tricked Karp into signing a transaction that redirected all his NXM tokens to an attacker-controlled address.The loot amounts to 370,000 NXM, worth $8.2 million as of press time. The hacker....

The firm aims to sell over $1 billion worth of cover in 2021 spread across at least 30 protocols.

Nexus Mutual founder and chief executive officer Hugh Karp’s personal wallet address has been hacked for more than $8 million. The attacker, a member of the Nexus defi protocol, tricked Karp into signing a transaction that transferred funds to the hacker’s own address. The attacker gained remote access to Karp’s computer and modified his Metamask extension. Some 370,000 Nexus Mutual (NXM) tokens, worth about $8.25 million on Monday, were stolen from Karp’s personal wallet address, as a result. In a tweet, Nexus Mutual said the hack, which happened the morning of....

Integration across multiple DeFi platforms and consistent insurance payouts after major hacks appear to be boosting WNXM’s fundamentals. There is always going to be risks involved with interacting with cryptocurrencies and recent proof of this can be seen over the past few weeks after savvy hackers managed to abscond with millions of dollars worth of tokens from Bitmart, AscendEX and BadgerDAO exchange. Nexus Mutual is a decentralized platform that allows investors to secure insurance coverage against smart contract exploits and today the altcoin rallied by 38% even as Bitcoin and the....

By transitioning to a fully DAO-governed model, Nexus could expand its userbase and iron out tokeneconomic friction. In a move that could point towards greater decentralization and wider access, the Nexus Mutual community is currently considering a proposal to sunset the coverage protocol’s legal entity and lift Know Your Customer (KYC) burdens currently necessary to interact with the platform.The proposal was announced yesterday in a Tweet by investment fund 1kx co-founder Christopher Heymann. In it, Heymann notes that Nexus originally launched with a “a UK-based limited company” in order....