Solana-based decentralized finance protocol Nirvana Finance was exploited in a flash loan attack for US$3.49 million on July 28, the firm announced in a Twitter post, causing its tokens to topple by more than 80%.
See related article: C.R.E.A.M. Finance suffers $28M flash loan hack
Fast facts
- Using flash loans on lending protocol Solend, the attacker borrowed US$10 million USDC and used it to mint over US$10 million worth of Nirvana’s ANA token.
- The hacker then swapped the ANA tokens with USDT stablecoins and received US$13.49 million USDT.
- The attacker then returned the borrowed US$10 million to Solend’s main pool vault and made off with the remaining funds.
- The attack caused ANA to lose more than 82% of its value in 24 hours to trade at US$1.48 in afternoon trade in Hong Kong on Friday, while Nirvana’s dollar-pegged stablecoin NIRV lost its peg and fell by more than 83% in the past 24 hours, according to CoinMarketCap.
- Nirvana Finance said that it was the yield protocol that was exploited, and not as a fault of Solend, and it is working with different resources to uncover the identity of the perpetrator and recover the funds stolen from the treasury.
- Nirvana has posted a public plea to the attacker on Twitter, asking for the return of stolen funds in exchange for a US$300,000 white hat bounty and a halt in the investigation.
See related article:Horizon’s US$100 mln crypto hack prompts FBI investigation
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- coinbase
- coingenius
- Consensus
- Crime
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ethereum
- Forkast
- hacking
- machine learning
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- SOL - Solana
- W3
- zephyrnet
More from Forkast
Tourists from Mainland China can now shop in Hong Kong with Chinese CBDC
Source Node: 2180016
Time Stamp: Jul 21, 2023
Grassroots crypto adoption to follow real-world use cases, says Chainalysis APAC policy lead
Source Node: 2379959
Time Stamp: Nov 9, 2023
CME, world’s biggest derivatives exchange, to offer Ether options in September
Source Node: 1632212
Time Stamp: Aug 19, 2022
Most crypto “still junk”, JPMorgan’s blockchain lead claims
Source Node: 1643653
Time Stamp: Aug 29, 2022
U.S. Fed has growing interest in CBDCs, says Jeng at Crypto Council for Innovation
Source Node: 1676595
Time Stamp: Sep 22, 2022
Binance exits Canada amid increased regulation in North America
Source Node: 2094484
Time Stamp: May 15, 2023
Bitcoin mining difficulty rises 7.6% to set new all-time high as hashrate jumps
Source Node: 2032142
Time Stamp: Mar 24, 2023
Ledger cuts 12% of workforce, citing macroeconomic conditions
Source Node: 2313342
Time Stamp: Oct 6, 2023
Arbitrum’s AIP-1 proposal to be split after community backlash
Source Node: 2048231
Time Stamp: Apr 5, 2023