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Decentralized exchange (DEX) dYdX was forced to use its insurance fund to cover $9 million in user liquidations on Nov. 17. According to dYdX founder Antonio Juliano, the losses resulted from a "targeted attack" against the exchange. Based on reports from the dYdX team on X (formerly Twitter), the v3 insurance
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Crypto exchange FTX used hidden Python code to misrepresent the value of its insurance fund — a pool of funds meant to prevent user losses during huge liquidation events — according to testimony from FTX co-founder Gary Wang. In a damning new testimony on Oct. 6, FTX's former chief technology officer,
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CNA Financial, the seventh-largest commercial insurer in the United States, has excluded nonfungible tokens (NFTs) coverage from Schwab Strategic Trust’s policy worth $20 million.In a filing submitted to the US Securities and Exchange Commission (SEC), the insurer attached an exclusion to the document, mentioning that the bond does not cover
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OpenCover, which raised $4 million in a seed round led by the likes of NFX and Jump Crypto, received a $200,000 funding bump from Coinbase to bolster its debut on Base. Source
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Users of HashKey Hong Kong will soon be able to receive insurance protection on digital assets custodied on the platform.According to local news reports on Sept. 6, HashKey has signed a memorandum of understanding with fintech firm OneDegree for insurance coverage on exchange wallets. The insurance policy will apply to
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Under the agreement, Nexus will pay out if The Retail Mutual is on the hook for more than 57% of the community’s contributions in any one year as well as single claims above 200,000 British pounds ($255,000). The Retail Mutual rakes in about 2 million pounds a year, so Nexus
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The platform, dubbed dRe, is specifically designed for reinsurance, meaning insurance for insurance companies, and is currently focused towards severe storm catastrophes. "Leveraging validated weather data from leading decentralized climate data network, dClimate, and Chainlink’s industry-standard decentralized oracle network, the platform triggers a smart contract based on wind speed and
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The Bermuda Monetary Authority-licensed company said it raised the funds across two seed rounds. The first was co-led by Sam Altman, CEO of ChatGPT developer OpenAI, and former Stripe executive Lachy Groom. The second was led by Gradient Ventures. Meanwhile was previously called Standard Crypto Insurance, and is registered under
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Evertas, an insurance company focused on digital assets, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio.The insurer’s per-policy coverage limits on custodial cryptoassets will increase to $420 million, “nearly tripling the amount of risk transfer previously available to blockchain focused projects," according
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Despite the troubled tech space, German InsurTech firm Wefox recently raised $110 million in debt financing and fresh equity funding. On Wednesday, May 17, insurance technology startup Wefox announced $110 million in funding from investors, including JPMorgan (NYSE: JPM) and Barclays (LSE: BARC). According to Wefox, the American and British banking giants contributed half of
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