3 reasons why Nexus Mutual (WNXM) price is holding steady in a volatile market
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....
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Nexus Mutual's CEO, Hugh Karp, lost the tokens after an attacker gained remote access to his computer.
Attacker demands ten times the $300,000 bounty offered after apparently laundering a third of the stolen loot. A hacker, who on Monday stole $8.3 million from the private wallet of Nexus Mutual CEO Hugh Karp, has sent a ransom demand for $2.66 million in Ether (ETH) embedded in the input data of an Ethereum transaction.In the poorly-worded Dec. 16 message, the attacker addresses Karp directly, and seems to suggest that they will cease selling off the stolen NXM until the price recovers or Karp sends 4,500 ETH.“Hello Hugh. I will not sell wNXM any more until wNXM recovers his value or you....
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....
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....
Nexus Mutual is now allowing users to cover their centralized exchange accounts. DeFi coverage protocol Nexus Mutual expanded the list of centralized exchanges eligible for incident protection. Users trading on Binance, Kraken, Coinbase and Gemini are now able to buy protection in the event of an exchange hack or prolonged withdrawal downtime.The project announced the new integrations on Monday as part of their “custody cover” initiative. Users who buy coverage will be eligible for compensation if the custodian gets hacked and the user loses more than 10% of their funds. Alternatively, the....