@OpenCover
What's Covered: a monthly look at the Nexus Mutual book plus trends and yields in DeFi
October was a record month for crypto losses and a busy one for Nexus Mutual
$6.5B was lost across 50 incidents, with a record $6.36B taken from Binance's hot wallets. Centralized exchanges have become a favorite target, which makes Custody Cover more important than ever.
Members bought $65.3M of cover, up from $60.1M in September. A quarter of the month's purchases came through @OpenCover Covered Vaults, and @OriginProtocol's WETH and sUSDe ARMs joined as Vault Cover listings.
Yields firmed, and so did the leverage behind them
USDC on @aave's Ethereum market went from 3.3% to 4.2%, @base jumped to 6.7%, and borrowing against bitcoin on @Morpho's Base market passed a record $1.6B. Thin carry on growing leverage is exactly what Leveraged Liquidation Cover is written for.
Full October issue of What's Covered belowView quoted post on X
How did the largest heist in history go down?
Read our incident report for a detailed breakdown:
- How the attack unfolded
- How the damage spread
- How Binance and others responded
- What should have been different
- and whether it's covered...
Incident Report: nexusmutual.io/blog/binance-i…View quoted post on X
