#insurance
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Court Says Crypto Isn’t Physical Property – Here’s Why
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.
dYdX's Firm Response: No Compromise with Malicious Entities
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. StarkWare & Herodotus Break Ethereum Data Barriers
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 Announces Workforce Cuts
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. Advantages and Drawbacks of DeFi Insurance
The digital market is evolving to embrace financial services inspired by traditional finance (TradFi). A key manifestation of this convergence is the emergence of DeFi insurance, driven by the substantial risks inherent in using DApps. The growing demand for financial safeguards against cyberattacks and scams has naturally led to the development of this sector. The Fed Identifies Key Factors Behind Silvergate Bank's Collapse
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. 
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