#insurance

The U.S. Court of Appeals dismissed Ali Sedaghatpour’s case against Lemonade Insurance, where he had sought compensation after falling victim to a crypto scam. Sedaghatpour claimed the insurer wrongfully refused to cover his substantial cryptocurrency loss.

Coinbase, a cryptocurrency exchange, has initiated legal proceedings against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) over alleged violations of the Freedom of Information Act (FOIA).

Antonio Juliano, the creator of the decentralized exchange protocol dYdX, recently shed light on an insurance fund incident. He specified that it occurred on the v3 chain, not the dYdX Chain, resulting in a loss of $9 million for the platform.

London's Herodotus, in collaboration with StarkWare, has launched an "on-chain accumulator" tool that lets users read and verify any part of Ethereum's history. This tackles Ethereum's current limitation of validating only the last 256 blockhashes. The tool uses "storage proofs," a cryptographic method, to confirm the validity of data. This could be a game-changer for creating permissionless account recovery systems and insurance protocols that rely on historical on-chain data.

Matter Labs, the developer behind ZKsync, laid off 16% of its employees. Those affected will receive severance equal to three months' salary, four months of health insurance, job placement support, the option to keep company equipment, and even assistance with immigration.

According to the Federal Reserve's investigation, Silvergate Bank faced significant challenges due to its exposure to high-risk cryptocurrency deposits and ineffective upper-level management. A significant portion of the bank's deposits were sourced from crypto companies, which lacked traditional insurance and failed to generate substantial interest income.