coinpedia 2025-02-27 16:12:55

Crypto News: Team Rizzo Gets $25 Million Insurance Coverage Against Hacks on Bittensor Network

The post Crypto News: Team Rizzo Gets $25 Million Insurance Coverage Against Hacks on Bittensor Network appeared first on Coinpedia Fintech News Team Rizzo, which operates subnets and validator services on Bittensor, has secured $25 million in blockchain-based insurance coverage against hacking risks. As reported by Coindesk, the coverage was arranged by Native, a digital asset insurance broker and specialist, to protect Rizzo’s validator services and machine learning businesses on Bittensor, a popular AI-driven cryptocurrency network. This coverage is designed to protect against smart contract hacks, which could lead to the loss of tokens used to validate the network’s proof-of-stake consensus mechanism. This development comes as hacks continue to pose significant risks in the cryptocurrency space, especially in sectors like decentralized finance (DeFi) and staking, where insurance options are still limited. Last week, Bybit, one of the largest cryptocurrency exchanges, lost $1.5 billion to hackers linked to North Korea. Founded in 2019, Nexus Mutual provides blockchain-based insurance, incentivizing its community to deploy assets into syndicates that back crypto-related risks. Native, which holds one of the largest capital pools on Nexus Mutual, also facilitates access to traditional insurance markets, such as Lloyd’s of London, for certain types of crypto-related covers. The speed with which Native arranged the $25 million coverage for Team Rizzo has garnered attention, taking just four weeks to complete. Native co-founder Dan Ross said, “This is the first time Bittensor has been underwritten. Team 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 — if it could be done at all.”

Enim loetud uudised

Dogecoin Price Prediction 2025, 2026 – 2030:...
2025-07-09
New Zealand Bans Crypto ATMs, Caps Transfers...
2025-07-09
GameSquare Surges 5.84% to Build $100 Million...
2025-07-09
Ripple (XRP) News Today, XRP Price Prediction...
2025-07-09
Is MAGACOIN FINANCE a Scam? The Analyst is NO
2025-07-09
Robinhood Says OpenAI Stock Tokens Backed by...
2025-07-09
Arctic Pablo Coin Presale Surges Past $2.9M a...
2025-07-09
A dormant whale/institution woke up and trans...
2025-07-09

Seotud uudised

Qubetics Shows Strong Potential as Bitcoin Eyes $1...
09 Jul 2025
SEC Delays Fidelity’s Solana ETF Proposal as Regul...
09 Jul 2025
Pay Attention to This Date in Bitcoin: Analyst Cla...
09 Jul 2025
Chainlink Price Prediction 2025, 2026 – 2030: Will...
09 Jul 2025
Ripple CEO Says XRP’s Takeover of SWIFT’s Customer...
09 Jul 2025
US charges 2 men over $650M OmegaPro crypto scam
09 Jul 2025

Loe lahtiütlusest : Kogu meie veebisaidi, hüperlingitud saitide, seotud rakenduste, foorumite, ajaveebide, sotsiaalmeediakontode ja muude platvormide ("Sait") siin esitatud sisu on mõeldud ainult teie üldiseks teabeks, mis on hangitud kolmandate isikute allikatest. Me ei anna meie sisu osas mingeid garantiisid, sealhulgas täpsust ja ajakohastust, kuid mitte ainult. Ükski meie poolt pakutava sisu osa ei kujuta endast finantsnõustamist, õigusnõustamist ega muud nõustamist, mis on mõeldud teie konkreetseks toetumiseks mis tahes eesmärgil. Mis tahes kasutamine või sõltuvus meie sisust on ainuüksi omal vastutusel ja omal äranägemisel. Enne nende kasutamist peate oma teadustööd läbi viima, analüüsima ja kontrollima oma sisu. Kauplemine on väga riskantne tegevus, mis võib põhjustada suuri kahjusid, palun konsulteerige enne oma otsuse langetamist oma finantsnõustajaga. Meie saidi sisu ei tohi olla pakkumine ega pakkumine