Nirvana Finance Hacked for Over $3 Million

Nirvana Finance Hacked for Over $3 Million

29.07.2022 10:58
by Sviatoslav Pinchuk
1 min read

The Solana-based yield protocol, Nirvana Finance, was hacked for $3.49 million worth of USDT tokens in a flash loan attack. Nirvana’s stablecoin NIRV and native token ANA have immediately dropped some 85% in value.

According to the audit company OtterSec, the attacker managed to use a flash loan in order to artificially increase the price of ANA. He or she then proceeded to mint the coin at a higher price and then exchanged it for USDT, taken from Nirvana’s treasury.

Finally, the hacker used the Wormhole cross-chain bridge to transfer the funds into an Ethereum account.

Nirvana Finance is offering $300,000 to the attacker if the money is returned. In a tweet, the company wrote that the money was taken directly from “everyday people”, whose funds were being kept in the treasury.

This is not the first stablecoin whose value has been depegged after a hacker attack in 2022. The Beanstalk Farm’s stablecoin was hacked for $182 million in April. And OtterSec notes the similarities between the Nirvana hack and another flash loan attack earlier this month, when Crema Finance was hacked for $10 million.

 

Author

  • Man who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. The dude who got Etherium in 2017 by misclick and sold it in 2018 "just to try". Lost 1 Florida house in XEM in 2018, Sviatoslav finally decided to trade reasonably and now he is one of the most analytical and data-driven trader in Crypto Industry. Has Bachelor Degree of Chinese Interpreter and deep practical experience in competitive niches SEO.

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