Nirvana Finance On Solana Lost Nearly $3.5M After Being Attacked

The Solana-based Nirvana Finance attack that took place via a quick loan resulted in the loss of Tether (USDT) $3.5 million. Following the announcement, the Solana NIRV algorithm-based Stablecoin (ANA) saw an 85% drop.

Nirvana Finance $3.5 million quick loan attack

NIRV, an algorithmic stablecoin based in Solana, has dropped 85% from its dollar peg as a result of a hack on the Adaptive Yield Protocol Nirvana Finance on July 27th, making it the most recent stablecoin to fail.

The loss of nearly $3.5 million worth of Tether (USDT) was caused by the flash loan attack, which also caused ANA, the native token of Nirvana Finance, to decrease by 85%. The SolanaFM team was the first to announce that the funds were siphoned off via a flash loan attack on July 27.

The Nirvana team is now offering the hacker a whitehat bounty of $300,000 and a “cessation” of the investigation into their identity. So far they revealed that the hacker’s wallet tied to a centralized exchange has been flagged.

“Please accept this good faith request and return our treasury for the good of the whole Nirvana community. You have not taken money from VCs or large funds—the treasury you have taken represents the collective hopes of everyday people,”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News