Founder of DeFi protocol Nexus Mutual gets hacked for $8M
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....
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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....
Nexus Mutual's CEO, Hugh Karp, lost the tokens after an attacker gained remote access to his computer.
The decentralized finance (DeFi) space was rocked last morning by news that Nexus Mutual founder Hugh Karp was hit with a personal attack. His project, a decentralized mutual product to allow users to hedge against risks in the DeFi space, was not directly affected. But, his personal account, which contained over $8 million worth of […]
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....
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....