Claims 26, 27, 28 | Cover ID 2704, 2705, 2620 | Arcadia Protocol Cover (OpenCover)

[itsJeremiahS]

Between July 14th and 15th, Arcadia Finance suffered an exploit, resulting in a loss of approximately $3.6 million as detailed in their post-mortem: Notion

OpenCover has just submitted 3 claims on behalf of users:

Claim 26

The holder of OpenCover cover #1781 on Base linked to Nexus Mutual cover #2704 (see About field for onchain audit trail https://opensea.io/item/base/0xd68647555e5da198d50866334eed647cbe3d1556/1781) was impacted on the following addresses:
0x13F210c8bAf5f5DBAFf3E917E2e5A49E73BBAF12
0xEaFCDA6862D53eb37ecDbB805a4cd9C663cc1f47
0x1219Aa14BD80aF1d69a5e6F493506869F42a9b98

Totalling over 359 ETH ($1,067,096) in losses as confirmed by the protocol team By owner - USD losses at time of loss · GitHub. These losses are also related to the claim filed for Cover ID 2705, but the loss amount is far greater than the covered member’s cover amount, so a claim is being filed for both Cover IDs 2704 and 2705.

A full claim for 50 ETH is thus sought.

Please note that given the main affected wallet is a Safe (0x1219Aa14BD80aF1d69a5e6F493506869F42a9b98), we have asked the user to transfer from the Safe contract address to the verification address: 0xC1D0000000000000000000000000000000000A90 https://etherscan.io/tx/0xe40ed22d94c67bafbc6fff5e6b60f5568f4dc7eb83f6fd0b3d9f6938b3b2d7b0

Claim 27

The holder of OpenCover cover #1782 on Base linked to Nexus Mutual cover #2705 (see About field for onchain audit trail https://opensea.io/item/base/0xd68647555e5da198d50866334eed647cbe3d1556/1782) was impacted on the following addresses:

0x13F210c8bAf5f5DBAFf3E917E2e5A49E73BBAF12
0xEaFCDA6862D53eb37ecDbB805a4cd9C663cc1f47
0x1219Aa14BD80aF1d69a5e6F493506869F42a9b98

Totalling $1,067,096 in losses as confirmed by the protocol team By owner - USD losses at time of loss · GitHub. These losses are also related to the claim filed for Cover ID 2704, but the loss amount is far greater than the covered member’s cover amount, so a claim is being filed for both Cover IDs 2704 and 2705.

A full claim for 50,000 USDC is thus sought.

Please note that given the main affected wallet is a Safe (0x1219Aa14BD80aF1d69a5e6F493506869F42a9b98), we have asked the user to transfer from the Safe contract address to the verification address: 0xC1D0000000000000000000000000000000000A90 https://etherscan.io/tx/0xe40ed22d94c67bafbc6fff5e6b60f5568f4dc7eb83f6fd0b3d9f6938b3b2d7b0

Claim 28

The holder of OpenCover cover #1716 on Base linked to Nexus Mutual cover #2620 (see About field for onchain audit trail https://opensea.io/item/base/0xd68647555e5da198d50866334eed647cbe3d1556/1716) was impacted on the following address:

0x1FE0226F289254d0D09e28Dd0dE6d2F3aB28387F

The Arcadia team confirmed the following losses on Base:

0.962178068 Wrapped Ether (0x4200000000000000000000000000000000000006)
57.03722312 SPX6900 (0x50dA645f148798F68EF2d7dB7C1CB22A6819bb2C)
1123544.524 AicroStrategy (0x20ef84969f6d81Ff74AE4591c331858b20AD82CD)
2898.111513 USD Coin (0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913)
1495.881521 EURC (0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42)
2059.856286 aixbt by Virtuals (0x4F9Fd6Be4a90f2620860d680c0d4d5Fb53d1A825)
237.8217279 Aerodrome (0x940181a94A35A4569E4529A3CDfB74e38FD98631)

Totalling $6327.9993 in losses at the time of the exploit as confirmed by the protocol team By owner - USD losses at time of loss · GitHub

A partial claim for 6,011.60 USDC [$6328.00 USDC - 316.40 USDC (5% deductible)] is thus sought.

[Hugh]

I’ve personally voted to approve all three of these claims.

From my perspective, this is clearly a smart contract logic error that meets the definition of cover and the evidence supplied is sufficient to prove end users did indeed suffer a loss.

[BraveNewDeFi]

I’ve reviewed all of the claim submissions, as well. After my review, I’ve found each claim outlined above is valid; I’ve also taken part in the loss calculations and can verify they are accurate based on the value of the assets at the time of the loss. The loss amounts were taken directly from the exploit transaction analysis.

Happy to see these claims approved and these members receive reimbursement for their loss amounts. Thanks, @itsJeremiahS, for the detailed summary!