Hodlnaut Halted Withdrawals | August 2022
Total claims paid
A total of $1,113,211.17 was paid out for Claims 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 140, 141, 143, 144, 145, 147, and 151.
Overview
After Hodlnaut halted withdrawals on 8 August 2022, members who held Hodlnaut Custody Cover at the time withdrawals were first halted waited for the 90-day period to pass. Section 1.2 of the Custody Cover wording provides protection for assets that cannot be withdrawn from a centralized exchange after more than 90 days has passed.
During this time, members documented their losses and prepared for claims filing. Before the 90-day period ended, a guide to Hodlnaut claims filing was shared across the Mutual's social channels.
After 90 days passed, withdrawals were still halted on Hodlnaut. On Monday, 7 November 2022, members began filing claims for the Hodlnaut loss event. As claims were filed, members staked NXM to participate in the Claims Assessment process. Claims assessors discussed claims in the Nexus Mutual Discord and kept track of eligible covers in the Hodlnaut Claims Tracker, which is displayed below.
Filed claims and outcomes
Twenty-one (21) claims were filed, and those claims were reviewed and voted on by claim assessors. Since this loss event met the terms outlined in Section 1.2 of the Custody Cover wording, claim assessors reviewed the validity of the claims to determine:
- Was the member's Hodlnaut Custody Cover active at the time withdrawals were first halted?
- Did the member provide off-chain proof of loss with their claim?
For more information on each claim, review the sections below and the Nexus Mutual Claims Dune dashboard.
Approved claims
Claim assessors reviewed and approved Claims 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 140, 141, 143, 144, 145, 147, and 151. These claims included proof of loss, which showed each affected member suffered a loss of 10% or greater. You can review a summary of each claim in the Nexus Mutual Claims History database and the Nexus Mutual user interface.
| Approved claims | ||
|---|---|---|
| Claim 127 | Claim 128 | Claim 129 |
| Claim 130 | Claim 131 | Claim 132 |
| Claim 133 | Claim 134 | Claim 135 |
| Claim 136 | Claim 137 | Claim 138 |
| Claim 140 | Claim 141 | Claim 143 |
| Claim 144 | Claim 145 | Claim 147 |
| Claim 151 |
Denied claims
Claim assessors reviewed and denied Claims 126, 139, and 142.
Claims 126, 127, and 128 were all filed together by one member. When the 90-day period ended, the actual loss was ~47 ETH. Claim assessors discussed these claims in the Nexus Mutual Discord and decided that approving Claim 127 and 128 would reimburse the member for their actual loss without paying more than the actual loss since the technical requirement for partial claims was not available in the Nexus Mutual V1 protocol.
Claims 129 and 139 were both filed by one member. When the 90-day period ended, the actual loss was ~20 ETH. Claim assessors discussed the claims in the Nexus Mutual Discord and decided that approving Claim 129 and denying Claim 139 would reimburse the member for their actual loss without paying more than the actual loss since the technical requirement for partial claims was not available in the Nexus Mutual V1 protocol.
Claim 142 was filed with no supporting proof of loss.
| Denied claims | ||
|---|---|---|
| Claim 126 | Claim 139 | Claim 142 |