Reimbursing ~$250,000 in Arcadia Claims with OpenCover

Nexus Mutual has paid out approximately $250,000 in claims to members impacted by the recent Arcadia Finance exploit. Most of the impacted cover was sold on Base via OpenCover, a key partner in expanding access to onchain cover.

Mitigating Risk, Together

Due to the complex nature of Arcadia’s liquidity management options, calculating the exact exposure required a thorough analysis of the exploit transactions. Working closely with OpenCover, Nexus Mutual quickly assessed and approved the claims, delivering fast, reliable reimbursements.

“Zero risk does not exist offchain, nor will it exist onchain,” said OpenCover CEO, Jeremiah Smith. "Keeping users safe onchain is paramount to the overall mission and we are proud to be a part of Nexus Mutual to help scale blockchain risk transfer. The Arcadia payouts are not only about making impacted users whole, they are proof that DeFi is ready.”

“At Nexus Mutual, we pride ourselves on being there for our members when they need us the most,” said Hugh Karp, CEO of Nexus Mutual. “Too many people have had a bad experience with the traditional insurance claims process, and we’re here to show that there is a better way.”

The Arcadia incident is a reminder that DeFi, like any financial system, carries risk. Through shared protection and transparent claims processes, Nexus Mutual empowers users to take control of that risk.

Whether on Ethereum mainnet or L2 ecosystems like Base, members can deploy their crypto with confidence, knowing they’re covered with Nexus Mutual.