Nexus Mutual has reimbursed users approximately $250,000 following a $3.5 million hack of Arcadia Finance on the Base blockchain in July. The reimbursement process began on July 29 after a 14-day cooldown period for claims. The exploit involved attackers siphoning funds directly from user accounts and converting stolen assets into Wrapped Ether (WETH). Nexus Mutual, which aims to provide a transparent claims process, reported that most valid claims are resolved within seven days, contrasting with traditional insurance practices. OpenCover's CEO remarked that such payouts demonstrate the maturity and readiness of the DeFi sector. Since its launch in 2020, Nexus Mutual has reportedly paid out over $18 million to users. The incident underscores the risks associated with decentralized finance, particularly with complex smart contracts, which can harbor critical vulnerabilities. However, it also highlights the role of insurance in mitigating these risks, making DeFi more accessible to both institutions and investors.

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