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On August 29, according to Irans Fars News Agency, Iranian Army Commander-in-Chief Amir Hatami stated that despite attempts by the "enemy" to destroy Irans drone and missile capabilities, Iran is continuing to launch its stockpiled weapons at "maximum intensity until the very last moment." He added, "According to military logic, the attacker and aggressor are only considered victorious when they achieve their objectives; but in a defensive war, the failure of the enemy to achieve their objectives means that the defender has won."On August 29, International Atomic Energy Agency (IAEA) Director General Grossi issued a statement saying that the Zaporizhia nuclear power plant has been without external power for over a week and is currently relying on emergency diesel generators to maintain the power needed for nuclear safety and security. The agency warned that if external power or diesel supplies cannot be restored in the near future, the plant may face a complete power outage in about 10 days. The Zaporizhia plant reported on August 29 that its current diesel reserves are sufficient to sustain operations for about 10 days, meeting minimum regulatory requirements. The IAEA stated that the plants last diesel fuel supply was in March of this year, and the subsequent supply, originally scheduled for May, was postponed due to frequent local military activity.On August 29, the Belgorod Oblast Operations Command reported that the city of Shebekino in the oblast was shelled and attacked by Ukrainian forces. Shells landed in a private residential area, killing three people. Seven others sustained shrapnel injuries, and one was injured by the shockwave. The city also recorded damage from three drones: one exploded after hitting the road, one exploded inside a house, and one caused a fire in an abandoned garage. Ukraine has not yet responded to the incident.On August 29th, local time, continuous gunfire and explosions were reported in several areas of Niamey, the capital of Niger, starting in the early hours of the morning. Sources stated that militants attacked Diori Hamani International Airport and attempted to breach the security perimeter around the presidential palace. Local residents reported intense gun battles and explosions near the Niamey 101 Air Force Base, which is closely connected to Diori Hamani International Airport. Diori Hamani Airport was attacked twice this year by extremist groups and militants in January and June. Bana Ougana Ibrahim, a member of parliament from the Sahel National Union and a member of the National Transitional Council of Niger, stated on social media that the attackers targeted the 101 Air Force Base, but Nigerien security forces have brought the situation under control. The Nigerien government and military have not yet confirmed these reports.On August 29, the Russian Ministry of Defense announced on Saturday that Russian forces had struck a transshipment point at the port of Mykolaiv, Ukraine. The Ministry stated that the berthing area for refueling ships and the unloading point for fuel and lubricants were also targeted.

Insurers shun FTX-linked crypto firms as contagion risk mounts

Eric Stanberg

Dec 20, 2022 17:51

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According to multiple market players, insurers are refusing or restricting coverage to clients who have exposure to the insolvent crypto exchange FTX, leaving traders and exchanges of digital currencies uninsured for any losses from hacks, theft, or legal actions.


Due to the lack of market regulation and the unstable pricing of Bitcoin and other cryptocurrencies, insurers were previously hesitant to underwrite asset and directors and officers (D&O) protection insurance for cryptocurrency enterprises.


Now, worries have increased as a result of FTX's collapse last month.


Specialists in the Bermuda and Lloyd's of London insurance markets are demanding more openness from cryptocurrency companies on their exposure to FTX. Additionally, the insurers are recommending extensive policy exclusions for any claims brought about by the company's demise.


According to Kyle Nichols, president of broker Hugh Wood Canada Ltd., insurers are requesting clients to answer questions about whether they have assets listed on the exchange or invested in FTX.


According to Ben Davis, lead for digital assets at Lloyd's of London broker Superscript, clients who transacted with FTX are required to complete a questionnaire outlining the percentage of their exposure.


If a client can't access 40% of their total assets stored by FTX, he explained, "that will either be a decline or we're going to put on an exclusion that limits protection for any claims coming out of their monies held on FTX."


According to five insurance sources, the insurance policies that cover the protection of digital assets and the personal liability of directors and officials of organizations that deal in cryptocurrencies have exclusions that refuse payment for any claims resulting from the FTX bankruptcy. According to a broker, a few insurers have been pushing for plans to include a broad exclusion for everything connected to FTX.


Exclusions may serve as a failsafe for insurers and will make obtaining coverage even more challenging for businesses, according to insurers and brokers.


Even more stringent guidelines are used by Bermuda-based cryptocurrency insurance Relm, which has previously given coverage to organizations connected to FTX.


Relm co-founder Joe Ziolkowski declared, "We're just not going to offer the coverage if we have to include a crypto exclusion or a regulatory restriction.



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