🚀Who can Benefit?
The BlockDefend Protection Fund offers invaluable benefits to individuals and organizations who hold BlockDefend tokens. As an insurance fund, the amount of insurance coverage corresponds directly to the value of tokens held by participants.
For instance, if an individual acquires $100 worth of BlockDefend tokens, they are entitled to $100 worth of insurance coverage. This insurance provides a safety net against financial losses incurred due to Web3 hacks, scams, or fraudulent activities. In the unfortunate event of being scammed, holders of BlockDefend tokens can seek compensation from the protection fund. However, it's crucial to note that only validated instances of scams will be eligible for insurance claims.
Once the claim is properly verified, the insurance amount will be promptly disbursed to the token holder, providing them with much-needed financial relief. This unique structure ensures that individuals and organizations holding BlockDefend tokens not only contribute to the growth of the fund but also benefit from enhanced security and protection in the decentralized ecosystem.
Verification Process:
To ensure the legitimacy and fairness of compensation requests, the BlockDefend Protection Fund employs a rigorous verification process that includes the following steps:
Submission of Claim:
Victims of web3 hacks or scams submit a detailed claim outlining the nature of the incident, the financial losses incurred, and any supporting evidence or documentation.
Claim submissions are carefully reviewed to ensure completeness and accuracy before proceeding to the next stage of the verification process.
Verification of Losses:
Our team conducts a thorough examination of the submitted claim, verifying the reported financial losses through a combination of blockchain analysis, transaction audits, and data verification techniques.
We cross-reference the claimant's transaction history, smart contract interactions, and other relevant data to validate the extent of the losses and ensure they align with the reported incident.
Due Diligence Checks:
In addition to verifying the financial losses, we perform due diligence checks to assess the legitimacy of the claimant and the circumstances surrounding the incident.
This may involve background checks, identity verification, and inquiries into the claimant's involvement in the web3 ecosystem to confirm their status as a genuine victim.
Adjudication and Compensation:
Once the verification process is complete and the claim is deemed legitimate, the BlockDefend Protection Fund adjudicates the claim and determines the appropriate compensation amount.
Compensation is calculated based on predefined criteria, such as the severity of the incident, the financial impact on the victim, and any mitigating factors.
Last updated