COVERRACCOON
← Nexus Mutual
Product analysis

Custody cover:
a retired product.

Cover against an exchange freezing withdrawals (90+ days) or being hacked with a 10%+ announced user loss (the FTX scenario ran the first path). Product withdrawn.

Raccoon Score 49/100 Weak

Who this is for: Users holding balances on a centralised exchange

Verdict

A strong track record on a product that is no longer offered. Custody Cover has the best-documented paid-claims record in the mutual (FTX, BlockFi, Hodlnaut in 2022, with itemised decisions), but Nexus has retired the entire CEX custody class: no listing is buyable, capacity is zero. For exchange-custody protection today it offers none. The withdrawal is itself an informative signal: a provider that had paid on this risk chose to stop underwriting it, consistent with how correlated custodian failures proved to be in 2022.

Confidence: high 5 red flags As of 2026-07-29

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© 2026 Cover Raccoon. Analyses are dated snapshots with sources, not insurance advice and not a recommendation. Terms can change; the provider wording always governs.