Newsletter - 20th November 2021

Official News

Week in Review (8th - 14th Nov)

Paying Claims for the CREAM V1 Exploit

A total of 59 ETH and 80,000 DAI ($352,543.42) was paid out to cover holders including the Claim 102 payout from the Community Fund.

A detailed write up of the claim event is available for review: Paying claims for the CREAM V1 exploit | by BraveNewDeFi | Nexus Mutual | Nov, 2021 | Medium

Snapshot Vote for Claim 102: Approved by Members

After the CREAM v1 exploit, there was one member who filed a claim for 500 ETH that did not meet the 20% or greater loss requirement. Claim 102 was submitted with proof of loss, but with the loss of only 10 ETH, which is only 2% of the covered amount.

Since the mutual does not have the ability to pay partial claims, members put a payout to a Snapshot vote, where assets from the Community Fund would be used to compensate the member who filed Claim 102.

This vote showcased the power of the mutual’s discretionary cover. When members suffer genuine losses, members protect members. You can read the Snapshot proposal for more information:

Twitter Spaces Event: In Conversation with Immunefi

Duncan Townsend from Immunefi spoke with Hugh Karp and BraveNewDeFi about bug bounties, smart contract security, and risk in DeFi. There were more than 160 attendees listening to the Spaces, and Duncan share lots of valuable insights about oracle risk, faulty integrations, uninitialised proxy contracts, and more.

Immunefi has received more than 3500 vulnerability reports so far this year; more than $9m has been paid out to date for bug disclosures.

Nexus Mutual runs a bug bounty matching program with Immunefi that matches payouts for critical vulnerabilities up to 2500 NXM. See more details in the Medium article: Bug Bounty Matching Program with Immunefi | by BraveNewDeFi | Nexus Mutual | Medium

If you missed the Twitter Spaces event with Immunefi, you can listen to the recording here: Loom | Free Screen & Video Recording Software

Mutant Meetup Call November 16

Thanks as always to @BraveNewDeFi for the fantastic calls that he arranges each week. Due to him community members now have a forum to speak directly to the core team, ask questions and learn more about ongoing work. Thank you!

Missed the call? Here’s a recap:

Mutant Marketing: First Quarter Operations Report

@BraveNewDeFi shared a report that details what Mutant Marketing has accomplished in their first three months of operations.

Since Mutant Marketing launched in August, the mutual has seen $535,714,799 in cover sales and $15,018,793 in premiums earned.

You can find the highlights, as well as a forum post linked in this Twitter thread.


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