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This one is actually hilarious because of the messages onchain. People, including the hacker, are adding plain text to their transactions' metadata field to com
by vmception 5y ago
This one is actually hilarious because of the messages onchain. People, including the hacker, are adding plain text to their transactions' metadata field to communicate.
But also, insurance products exist, they pay out pretty reliably. Are there any DeFi insurance products that would be able to cover $600M yet?
edit: some people seem to misunderstand, DeFi insurance products exist, the policies are not too expensive and they pay out reliably and quickly. The math is easy because of the transparency of "semi-untraceable internet money" and the Defi sector being much larger than any of the hacks. There are a lot of competitors in the insurance space. It is easy to make and rely on a claim because the damage is easily seen and verified for the policy holder. There are several sectors in the Defi space, such as AMMs, oracles, lenders, and some of those sectors are driving sentiment and attention more than others. Insurance is one of those sectors. My question was whether any of the insurance systems would be able to cover $600M, right now, it wasn't to entertain out of touch people's pre-existing skepticism.
- koolba 5y agoGiven the rampant fraud in the tangible asset insurance business, imagine the premiums and due diligence to deal with semi-untraceable internet money. I’d consider anyone selling it to be either a fraud or an idiot.
- mikeyouse 5y agoOur boring non-crypto services business just saw a 100% increase in our cyber premiums due to all the rampant theft and ransomware this wonderful little corner of the internet has given birth to. Great work DeFi world!
- jjoonathan 5y ago> cyber premiums Truly, we live in the future.
- deleted 5y ago[deleted]
- londons_explore 5y agoNothing stops you 'hacking' your own coin, then claiming on your own insurance. "The code is law" can't send you to prison for fraud...
- meepmorp 5y agoI'm trying to imagine absolutely ridiculous amount of money you'd need to pay to insure something like a DeFi product. OTOH, there's a market opportunity to create DeIns products to handle the demand. Do it right and it's blockchains all the way down.
- redisman 5y agoThe premium would have to be insane for someone not to go bankrupt when they have to cover a 600M theft or even the more common 50M level. There are only a handful of profitable DeFi companies to buy the plan and I’d imagine most have a policy of YOLO when it comes to security
- vmception 5y agoA cursory look at Nexus shows 1 year policies are about 2.5% of the amount needed to cover, I tested a quote up on their calculator up to 20,000 Ether ($62 million at time of writing) I mean, thats what we are talking about here, products that already exist and are live right now and compete with each other. You can enter it though, there is room for differentiation.