No One Covers More Onchain Risk than Nexus Mutual: $7 Billion Covered

When it comes to covering onchain risk, Nexus Mutual is in a class of its own. With over $7 billion in cover underwritten, we've helped thousands of people, protocols, custodians, fund managers, staking operators, and vault curators protect themselves and their assets against crypto risks.

Covering Many of DeFi's Biggest Risks

From protecting assets on a single protocol to a fund's entire portfolio against custody, depeg, and leveraged liquidation risk, Nexus Mutual constantly has to adapt to the changing landscape in DeFi. 

This flexibility is reflected in the healthy mix of active coverage across our product types: $26.6 million in Single Protocol Cover, $16.0 million in Crypto Cover, $13.8 million in Generalized Fund Portfolio Cover, and $9.6 million in Leveraged Liquidation Cover to name a few.

Smart Contract Exploits, Oracle Manipulation, and Liquidation Failure

This is our bread and butter. Single Protocol Cover and Multi Protocol Cover protect against smart contract exploits and hacks, oracle failure, oracle manipulation, liquidation failure, and governance takeovers, whether your funds sit in one protocol (Single Protocol Cover) or route through a multi-protocol strategy (Multi-Protocol Cover). For institutional portfolios, Fund Portfolio Cover carries these protections, among others, across everything a fund touches, letting holders invest with confidence.

Protocol failures have produced some of Nexus Mutual's largest payouts: more than $10 million paid in claims across major loss events in DeFi:

• $5.08 million after the TribeDAO and Rari Capital exploit

• $2.39 million to Euler Protocol Cover holders, plus a separate $1 million Sherlock Excess Cover claim

• $2.32 million from the Yearn Finance exploit

Our claims record extends beyond just the headline events, to CREAM v1, Perpetual Protocol, bZx, Bancor, Arcadia, Beefy, Rings, and Harvest.

Protection Against Liquidation of Leveraged Positions

Leveraged Liquidation Cover protects leveraged positions against liquidations due to depeg events and oracle-related risks. Nexus Mutual has Leveraged Liquidation Cover listings for select like-kind leveraged trades on Morpho, Euler v2, Aave, and Kamino. Currently, Nexus Mutual has over $9.5 million in active Leveraged Liquidation Cover. 

Stablecoin and Staking-Token Depegs

The stablecoin market cap has blown past $300 billion, firmly establishing itself as one of crypto’s main use cases. Liquid staking tokens are now a core yield layer for institutional portfolios, so the depeg risk exposure has grown right along with them. 

Depeg Cover protects against the loss when a pegged asset breaks, and it's available for USDe, USDS, USDT, WBTC, crvUSD, sGHO, fxUSD, reUSD, and others. Major depegs like Terra, USDR and Iron Finance are reminders of why this protection is so important.

Halted Withdrawals and Exchange-Wide Haircuts

The defining custody failure was FTX, halting withdrawals and filing for bankruptcy in 2022. Custody Cover protects against exactly that, the theft or inability to withdraw from a centralized exchange. Nexus Mutual paid out more than $4.9 million for dozens of approved FTX claims, just three months after withdrawals were halted, while other FTX depositors waited years to be reimbursed. 2022 was a busy year for custody failure, with claims paid for Hodlnaut, BlockFi, and Gemini Earn halted withdrawals as well.

Custody Cover is available for Coinbase, Kraken, Binance, Bybit, OKX, Deribit, BitMex, Crypto.com, BingX, and HTX. For fund managers and institutions with concentrated exchange exposure, bespoke solutions are available.

Validator Slashing

Slashing Cover protects node and validator operators against slashing penalties. It started as a niche product, but as institutional ETH staking has scaled, it's become a standard risk-management line item.

For node operators or protocols who want to learn more about this protection, reach out to the Nexus Mutual team today. 

Malicious Transactions, Bridge Exploits, and Wallet Drainers

These are some of the most common risks in crypto, where a single malicious approval can drain a wallet or a bridge failures results in lost funds. Transaction Cover protects against these risks among others, and it's been integrated with OpenCover for Request Finance and Pocket Universe. This coverage is designed specifically for wallet providers and companies that provide security tooling for onchain users. 

Kidnap, Ransom, and Extortion

Crypto risk now extends offline. Over the last few years, there has been a sharp uptick in criminals targeting crypto holders with wrench attacks and kidnapping. Crypto Kidnap & Ransom Cover is a safety net for investors and executives who face that risk, offering access to a world-class crisis response team in case of any worse case scenarios.

Are You Covered?

The uncomfortable truth about risk is many people only think about it after the fact. Nexus Mutual has paid 100% of valid claims since 2019, protecting against more types of onchain risk than anyone else.

Reach out and we'll help you get covered before you need it.