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TribeDAO, Rari Capital Fuse Market Hack | April 2022

Total Claim Payouts​

A total of $5,089,889.24 was paid out for Claims 110, 111, and 113.

Overview​

After this exploit occurred, claim assessors discussed this loss event in the Mutual's Discord server. Because Nexus Mutual is a discretionary mutual, members participate in the Claims Assessment process and review the validity of claims submitted after a loss event occurs.

Members reviewed the information available in the days after the exploit, while Rari Capital Protocol Cover holders waited for the 72-hour cool-down period to pass before submitting claims. Claim assessors discussed the event and determined the Rari Capital Fuse market exploit was covered under sections 1.1 of the Protocol Cover wording.

Once the 72-hour cool-down period had passed, the Mutual released a statement with instructions on How to File a Claim, as well as information about the active covers and the Claim Assessment process. Within this announcement, there is a Google Sheet that contains Rari Capital active covers where information has been included about claims members voted to accept, deny, or claims that were not filed.

Filed claims and outcomes​

To date, two (2) claims have been filed, and those claims were reviewed and voted on by claim assessors. As stated in the section above, claim assessors had determined this was a covered event. Once it has been determined that an event is covered, claim assessors review the validity of claims to determine:

  • Did the member have active cover at the time of the exploit?
  • Did the member provide proof of loss?
  • Did the member lose 20% or more of the covered amount?

For more information on each claim, review the section below and the Nexus Mutual Claims Dune dashboard.

Approved claims​

Claim assessors reviewed and approved Claims 110, 111, and 113. The claims included proof of loss, which showed the affected addresses where the members suffered a loss of 20% or greater. You can review a summary of each claim in the Nexus Mutual Claims History database and the Nexus Mutual user interface.