Euler Under Legal Threats If It Doesn’t Return $2M To DeFi Nexus Mutual Insurer

Key Points:

• DeFi insurance company Nexus Mutual demands a $2 million refund from people claiming the Euler hack.
• The hackers of the hack returned most of the money after the insurance companies had paid the claims.
• Nexus Mutual members can get an attorney involved if the $2 million they owe is not paid back.

DeFi insurance company Nexus Mutual is demanding a $2 million refund from claimants of the Euler hack after the team got most of the money back from the hacker.

Previously, Euler was hacked for $200 million, but the perpetrator returned almost all the money. So Nexus Mutual covered losses for those who ended up not actually losing.

According to CoinDesk, the head of DeFi insurance company Nexus Mutual said that if policyholders suffered losses in the recent Euler Finance hack attack and filed a claim for damages that did not reimburse the insurance project, the agency would Its regulator may hire an attorney. Nexus Mutual reached out to Euler, and the team even added a notice to the complaints portal reminding policyholders that they owe money.

On-chain data shows that Nexus Mutual is awaiting refunds from five customers who submitted claims following this attack in March. In total, these customers received nearly $2.4 million in claims, about $2 million of which was in crypto. Additionally, according to Dune data, Euler Finance’s redemption portal returned $133 million in assets to 457 users, six of whom were also Nexus Mutual policyholders. Euler’s hackers have already replaced the funds, and as a result, Euler on Wednesday began processing redemption transactions, including those already paid for by Nexus Mutual.

Four of the six individuals have returned approximately $380,000 in crypto to the organization. And in a Telegram message, BraveNewDeFi, Nexus Mutual’s pseudonymous head of communications, stated that a contract holder traded 200 ETH (over $380,000) they owe to Nexus Mutual. CoinDesk attempted to contact the owner of the address but received no response.

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