Another Stablecoin Crash; This Time Its On Solana (SOL)
On July twenty eighth, Solana-based decentralized finance protocol Nirvana Finance confirmed on twitter that it suffered a flash loan attack for USD 3.5 million which instantly led to the nosedive of its native token ANA and stablecoin NIRV.
One other greenback pegged stablecoin destabilizes
Crypto analytics agency Packshield, had first confirmed the exploit, the attacker used a $10 million USDC quick mortgage to accumulate $13.5 million revenue in ANA. This swift assault subsequently led to the plunge in worth of ANA and NIRV.
This exploit has led ANA to lose over 83% of its worth in 24 hours to commerce at $0.85, from over $8 simply few days in the past whereas Nirvana’s dollar-pegged stablecoin NIRV depegged and fell by greater than 90% and now trades at lower than a cent previously, in response to CoinMarketCap.
In keeping with reviews, crypto analysts had already predicted this occasion which is now likened to the TERRA/LUNA disaster. Primarily due to the shortage of liquidity, the prior worth of ANA was sure to swiftly lower to the ground worth, which might then be determined by an settlement between ANA and its buyers.
Nirvana Finance prepared to halt investigations if hacker returns stolen fund and takes $300,000 bounty
Nirvana, which is the primary native computing secure foreign money venture on the Solana chain and which operates a dual-currency system, has appealed to the hacker who exploited its system. Its currencies ANA and NIRV are properly on their strategy to zero. It wrote to the attacker on Twitter,
Please remember your CEX related pockets has been flagged and we’re working with a wide range of assets to uncover your id, get better the stolen funds, and make our group complete.In recognition of your discovery of a vulnerability in our protocol, we’re prepared to supply a white hat bounty of $300,000 and a cessation of investigation.
The protocol additionally relayed that it was the yield protocol that was exploited, and it wasn’t a fault of Solend.
