Solana-based Algorithmic Stablecoin Nirvana Exploited of $3.49M

Solana-based Algorithmic Stablecoin Nirvana Exploited of $3.49M
  • There are two tokens in the Nirvana system: NIRV, a stablecoin, and ANA.
  • Almost 82 percent of NIRV’s value has been lost.

Nirvana, a Solana-based algorithmic stablecoin, was allegedly targeted by a flash loan. The sum of the exploit, according to the Twitter user “FA2 | SolanaFM,” was $3.49 million. There are two tokens in the Nirvana system: NIRV, a stablecoin, and ANA, a volatile asset supported by a rising floor price. In the past several hours, the value of both tokens has plummeted significantly. Almost 82 percent of NIRV’s value has been lost.

 It was revealed by Solana FM how the attack was carried out in detail. The Nirvana Treasury account and the Nirvana hacker account were two of the most important accounts involved. On the Solana FM explorer, both accounts have been labelled.

Flash Loan Attacks a Huge Concern

The hacker borrowed $10 million USDC from the main pool vault using Solend Protocol’s flash loans. The Nirvana Finance treasury was raided for $3.49 million using this money. The hacker produced more than $10 million in $ANA using the borrowed money. After then, the hacker obtained $3.5 million from the Nirvana treasury by exchanging $ANA for USDT. Additionally, the $10 million USDC was returned to the Solend pool.

In addition, the group outlined the hackers’ escape route. The attacker turned the USDT into USDCet, moving money to an ETH wallet through Wormhole. Recently, the crypto market has been plagued with flash loans. A Solana-based project has been targeted before, and this isn’t the first. CremaFinance DeFi protocol was attacked for $8.7 million at the beginning of July.

According to CMC, the Nirvana NIRV price today is $0.176812 USD with a 24-hour trading volume of $330,441 USD. Nirvana NIRV is down 82.27% in the last 24 hours.

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