V2 #35
2025-12-01 19:31
OpenCover filed this claim on behalf of the claimant, who originally purchased their cover through OpenCover. Onchain proof of loss was provided along with the incident details for this claim. After reviewing the incident details and evidence provided and comparing it against the Multi Protocol Cover Terms, the Claims Committee determined this claim submission was valid. The claimant had funds deposited into the Beefy Silo (Valamore) Vault, which was impacted by the Stream Finance blow up. The Beefy Vault provided USDC lending liquidity to the xUSD/USDC market and bad debt has accrued due to the impairment of xUSD. Because a fixed-rate oracle was used in that market, lenders were unable to withdraw and had suffered an unrealized loss. Silo was included in the Annex that was active when the claimant purchased their cover, this claim was valid and the Claims Committee voted to approve this claim.
2025-10-30 14:18