Native Secures $25 Million Hack Insurance for Bittensor Validator Team Rizzo
Native, a digital-asset insurance broker, secured $25 million in blockchain-based coverage for Team Rizzo, which operates machine-learning businesses and staking validator services on Bittensor. This coverage protects against smart-contract hacks that could lead to the loss of Bittensor tokens (TAO).
- Native acted as both broker and underwriter using its syndicate and capital pool from Nexus Mutual.
- Nexus Mutual provides decentralized insurance solutions for the DeFi sector.
- The cover was arranged in four weeks, significantly faster than traditional insurance processes.
- Recent hacks, including a $1.5 billion loss by Bybit to North Korea-linked hackers, highlight ongoing security concerns in crypto.
- Future coverage is planned for the bitcoin staking platform Babylon.
Team Rizzo aims to enhance user confidence in their validator services with this policy, marking the first underwriting for Bittensor.