DeFi insurance provider Nexus Mutual has paid out roughly $5 million in claims from the bankruptcies of FTX and BlockFi

03/07 09:33

According to Bloomberg, DeFi insurance provider Nexus Mutual, a member-based service accounting for about 70% of funds locked in crypto-native insurance protocols, has paid out roughly $5 million in claims from the bankruptcies of FTX and crypto lender BlockFi. It expects to pay another $2 million but those figures are dwarfed by the billions of dollars eviscerated by FTX alone. The spurt of recent bankruptcy-related claims led to payouts exceeding premiums in January by a record $4.7 million at Nexus Mutual. Nexus Mutual founder Hugh Karp said the insurance pool has sufficient funds to absorb the trend. Karp argues that DeFi insurance will play a bigger role as the digital-asset industry matures. “One of the things we underestimated a bit was how correlated they were,” said Hugh Karp, referring to the risk profiles of centralized crypto lenders and custodians. “They all kind of went down at the same time — they weren’t necessarily independent.”

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