Crypto Drama: Team Rizzo’s $25M Insurance Adventure! 💸😱

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What to know:

  • Team Rizzo’s cover protects against smart-contract hacks leading to the loss of Bittensor tokens (TAO) used to validate the network’s consensus mechanism. Because who doesn’t want to lose their tokens, right? 🙄
  • The Bittensor policy will be followed by cover for bitcoin staking platform Babylon in the coming weeks. Stay tuned for more crypto shenanigans! 🎉

So, here’s the scoop: Digital-asset insurance broker Native has swooped in like a superhero with a $25 million blockchain-based cover against hacks for Team Rizzo. Yes, the same Team Rizzo that’s all about machine-learning businesses and staking validator services on Bittensor, the AI network that’s basically the cool kid on the crypto block. 🦸‍♂️

Our London-based pals at Native didn’t just broker this deal; they also underwrote it using their own syndicate and capital pool on Nexus Mutual. It’s like a fancy insurance club that popped up in 2019, offering a new flavor of insurance for the DeFi sector. Think of it as the Lloyd’s of London but with more blockchain and fewer top hats. 🎩

Now, let’s talk about hacks. They’re like that annoying ex who just won’t go away. In the crypto world, they’re a constant worry, especially in the wild west of staking and DeFi. Just last week, Bybit lost a whopping $1.5 billion to hackers. Ouch! 😱

But back to Native, who runs one of the larger capital pools on Nexus Mutual. They managed to arrange this cover for Team Rizzo in just four weeks. That’s faster than my last online shopping spree! 🛍️

“This is the first time Bittensor has been underwritten,” said Dan Ross, co-founder of Native. “Team Rizzo wanted to buy their own policy to attract people to come and stake to their own validator and make them feel safe.” Because nothing says “trust me” like a shiny new insurance policy! 💁‍♀️

Ross added, “If we did that with traditional insurance, that’s a three to six month thing at minimum — if it could be done at all.” So, basically, they’re the Usain Bolt of crypto insurance. 🏃‍♂️💨

And just when you thought it was over, the Bittensor policy will be followed by cover for the bitcoin staking platform Babylon. Because why not keep the party going? 🎊

“Team Rizzo has played the long game to become one of — if not the most — consistent and performant validators on Bittensor,” said Bittensor founder Jake Steeves. And there you have it, folks! The saga continues! 📈

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2025-02-27 17:09