The Bittensor application has now secured a $25 million insurance policy against potential hacks through Native, a firm specializing in digital asset insurance. Team Rizzo, which manages various subnets and validator services for Bittensor, is looking to enhance security for its operations.

Key Points:

• The coverage protects against losses from smart-contract hacks that could deplete Bittensor tokens (TAO), essential for the network’s consensus mechanism.
• An additional policy for Babylon, a bitcoin staking platform, will follow shortly.

Details:

• Native operated as both broker and underwriter for this coverage, which aims to safeguard the growing and often vulnerable sector of decentralized finance.

Hacking incidents are a significant concern in the cryptocurrency world, exacerbated by the recent $1.5 billion theft suffered by Bybit due to North Korean hackers. As insurance becomes increasingly vital in crypto, Native’s service represents a promising step towards broader coverage for digital assets.