In November 2022, BlockFi and the Gemini Earn program halted withdrawals. BlockFi halted withdrawals on 10 November 2022 per this statement. The Gemini Earn program halted withdrawals per this statement.
You will be able to file claims starting on:
You can check the BlockFi Halted Withdrawals and Gemini Earn Halted Withdrawals lists to see if your cover was active at the time withdrawals were first halted.
If your BlockFi Custody Cover or Gemini Earn Custody Cover is one of those listed as eligible for claims filing, then you will be able to file a claim.
When you are able to file your claim, you can head to the Nexus Mutual user interface and begin the process. If you have any issues, you can head to the Nexus Mutual Discord, create a post in the DAO forums channel with the Claims tag, and start a conversation.
You will need to verify that you own the account associated with your upcoming claim.
The verification process will be conducted off-chain: you will send your uncensored account statements and any other supporting evidence (e.g., support emails with your name, withdrawal requests confirmed by email, etc.) to claims@nexusmutual.io.
This information will not be made public and will be used only to compare that the owner of the custodial account is the same individual/entity that is KYC’d as a Nexus Mutual member.
Once this has been completed, the Account Ownership Verified column in the Google Sheet that tracks claims for each event will be updated to a Yes for verified accounts.
See the Verifying custodial account ownership ahead of claims filing in February for more information if you have not previously completed this step.
You can verify your account before claims filing begins: feel free to begin this process at any time.
Please note: you will still need to file a claim once claims filing opens and provide proof of loss at that time with your claims submission
Nexus Mutual requires proof of loss for Custody Cover claims. You’ll need to provide off-chain proof of loss. When you file your claim, you can attach a copy of your account statement, screenshots of your account balance, support emails where your withdrawal request has been confirmed, and other documentation that claims assessors can use to verify your loss.
When claims filing begins, please be sure to censor any personal information you submit as proof of loss, as it will be public and available for all members to review.
Partial claims functionality will be available when you file your claim, so be sure to only file a claim for your actual loss amount. Historically, members have determined the total loss at the 90-day mark, which would be:
Custody Cover protects against a loss of funds for crypto assets that are held in a custodial account. Once BlockFi and Gemini Earn announced that they were halting withdrawals, the 90-day provision in Section 1.2 took effect — members who held active cover when withdrawals were first halted have to wait for 90 days to pass before claims can be filed.
You can read the full Custody Cover wording for more information.
If you’ve never filed a claim with Nexus Mutual before, you can read through the following section for an overview. And if you’re a member who would like to participate as a claims assessor, you can also read the Claims Assessment section.
You can file a claim up to two times; 10% of your cover cost is reserved for filing claims, as outlined in the diagram below.
Once your claim is submitted, claims assessors then review and assess the validity of your submitted claim.
The voting period lasts for a minimum of 36 hours. After this point the vote automatically ends on the earliest of either when:
The stake weighted voting outcome then determines the claim result. A claim is escalated to a full member vote if either:
The claims assessment process is designed like an optimistic oracle, but instead of code, humans act as the oracles. The system is designed so that any attack would put more capital at risk than any potential profit that could be gained or any capital staked in risk assessment that could be saved.
Read more about the advisory board’s role in the claims assessment process in the Nexus Mutual documentation.
You can also review the mutual’s claims history in the Nexus Mutual documentation and directly on-chain.
If you have any questions about claims filing, proof of loss, off-chain verification, or any other aspect of the upcoming claim event, please reach out in the Nexus Mutual Discord for support.
