{"id":15321,"date":"2025-02-27T14:01:54","date_gmt":"2025-02-27T14:01:54","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15321"},"modified":"2025-02-27T14:01:54","modified_gmt":"2025-02-27T14:01:54","slug":"bittensor-app-gets-hack-risk-cover-from-nexus-mutual-backed-insurance-firm-native","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15321","title":{"rendered":"Bittensor App Gets Hack Risk Cover From Nexus Mutual-Backed Insurance Firm Native"},"content":{"rendered":"
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Digital-asset insurance broker Native said it arranged $25 million of blockchain-based cover against hacks for Team Rizzo, an operator of machine-learning businesses and staking validator services on Bittensor, the popular cryptocurrency-driven AI network<\/a>.<\/p>\n

The London-based company acted as a broker and also an underwriter using its own syndicate and capital pool on Nexus Mutual<\/a>, a decentralized insurance alternative that backed Native<\/a> in October of last year. The cover protects against smart-contract hacks leading to the loss of Bittensor tokens (TAO<\/a>) used to validate the network\u2019s proof of stake<\/a> (PoS) consensus mechanism.<\/p>\n

Hacks are a persistent worry in the crypto ecosystem, where insurance cover remains thin on the ground, particularly in more experimental and esoteric realms like staking or decentralized finance<\/a> (DeFi). Last week, Bybit, one of the largest cryptocurrency exchanges, lost $1.5 billion<\/a> to North Korea-linked hackers.<\/p>\n

Nexus Mutual arrived in 2019 with an alternative form of insurance<\/a> cover for the emerging DeFi sector, incentivizing a community of members to deploy assets into blockchain-based syndicates, similar in some ways to how the Lloyd\u2019s of London insurance market allows syndicates of investors to back risks.<\/p>\n

Native, which runs one of the larger capital pools on Nexus Mutual, also acts in a more traditional broker role providing access to Lloyd\u2019s for certain types of crypto-related insurance cover. The striking thing about the Rizzo validator risk on Bittensor was the speed with which Native arranged the cover, which took just four weeks, Native co-founder Dan Ross said in an interview.<\/p>\n

\u201cThis is the first time Bittensor has been underwritten,\u201d Ross said. \u201cTeam Rizzo wanted to buy their own policy to attract people to come and stake to their own validator and make them feel safe. So we’ve been able to create a new product, underwrite a new protocol, get third party smart-contract cover with a $25 million limit in about four weeks. If we did that with traditional insurance, that’s a three to six month thing at minimum \u2014 if it could be done at all.\u201d<\/p>\n

The Bittensor policy will be followed by cover for bitcoin staking platform Babylon<\/a> in the coming weeks, Ross added.<\/p>\n

\u201cTeam Rizzo has played the long game to become one of \u2014 if not the most \u2014 consistent and performant validators on Bittensor,\u201d said Bittensor founder Jake Steeves in a statement.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Digital-asset insurance broker Native said it arranged $25 million of blockchain-based cover against hacks for Team Rizzo, an operator of machine-learning businesses and staking validator services on Bittensor, the popular cryptocurrency-driven AI network. The London-based company acted as a broker and also an underwriter using its own syndicate and capital pool on Nexus Mutual, a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-15321","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15321"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15321\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}