Arcadia Finance users reimbursed by DeFi hack insurance

Nexus Mutual has paid about $250,000 in claims to users hit by July’s $3.5 million Arcadia Finance hack on Base.

Update (Aug. 4 at 2:20 pm UTC): This article has been updated to add commentary by Phil Johnston, Nexus Mutual’s director of marketing.

Crypto-native insurance alternative Nexus Mutual reimbursed customers who had lost money in a recent Arcadia Finance hack.

According to a Monday announcement shared with Cointelegraph, Nexus Mutual reimbursed about $250,000 to users who lost funds in the Arcadia Finance hack. The protocol was hacked in mid-July for $3.5 million in USDC (USDC) and USDS on the Base blockchain, with stolen assets swapped to Wrapped Ether (WETH).

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