On July 15th, Arcadia Finance suffered a security breach, resulting in a loss of approximately $3.6 million.
The attack was executed through a sophisticated smart contract exploit, allowing the attacker to drain funds directly from user accounts. For a detailed breakdown of how the incident unfolded, view Arcadia's full post-mortem report.
If you are a Nexus Mutual member who held active Arcadia Protocol Cover at the time of this incident and suffered financial losses, you can file claims starting on July 29, 2025.
Detailed instructions on how to file claims can be found here. For other questions, we’re happy to assist you through the live chat available in our app.
If you purchased your cover through OpenCover, you can reach out to them using this claim submission form.
Nexus Mutual’s entire claims history is verifiable onchain, providing absolute transparency that traditional insurers simply cannot match. Since our founding in 2019, we have consistently upheld a spotless record, paying out 100% of all valid claims.
Members receive claim payments in as little as seven days, compared to traditional insurers where reimbursements can take weeks or months.
While incidents like this underscore the inherent risks in DeFi, working with the right partner can keep your assets safe. Nexus Mutual provides comprehensive cover against smart contract hacks and more, empowering you to confidently deploy capital in DeFi.
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