After an exploit of $197m occurred on Euler Finance's permissionless lending market on Ethereum mainnet, Nexus Mutual members who held active Euler Protocol Cover at the time of the exploit, claims filing will be available starting on Thursday (16 March) at 8:50am UTC.
Protocol Cover is a service offered by Nexus Mutual that protects against risks such as code being used in unintended ways (such as exploits and hacks), economic design failure, severe oracle failure, and governance attacks in protocols deployed on Ethereum, an EVM-compatible network, or an Ethereum Layer 2.
Members who are eligible to file Euler Protocol Cover claims can do so starting on Thursday (16 March) at 8:50am UTC. The Euler Finance Claims Tracker can be checked to see if your cover was active during the time withdrawals were halted.
Nexus Mutual is a risk-sharing platform that secures risk and potential bugs in smart contract code. Unlike insurance companies， Nexus Mutual is run entirely by its members. Only members can decide which claims are valid. All member decisions are recorded and enforced by smart contracts on the Ethereum public blockchain. Members can buy cover to protect against material losses when transferring funds into a protocol’s smart contracts or keeping funds with a custodian.
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