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Nirvana Finance, a Solana-based DeFi protocol, lost $ 3.5 million in a flash loan attack on July 28.
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July 28, Adaptive Yield Protocol @nirvana_fi Exploited for $ 3.49 million and is a protocol $ ANA Token prices will collapse by more than 85%.
The SolanaFM team analyzed the key movements involved during the exploit.
Nirvana Hacker Account:https://t.co/Zsde5MdW0j pic.twitter.com/OYMMy2G1nb
FA2 | SolanaFM (@ 0xFA2) July 28, 2022
As a result of the attack, Nirvana’s native token ANA lost 85% of its value.Token price fell According to CoinGecko data, it will rebound from $ 8.97 to $ 0.81 to its current value of $ 1.26 within hours of the attack.
Ecosystem Dolpegg Stablecoin, NIRV under Almost 90%, currently trading at $ 0.12.
On-chain data Indicated The attacker used a $ 10 million USDC loan to create a $ 10 million worth of ANA tokens and exchanged $ 10 million for ANA for $ 13.49 million USDT.
In this way, an attacker could steal $ 3.5 million from Nirvana’s finances, repay a USDC loan, and transfer the stolen funds to an Ethereum wallet for conversion to DAI stablecoin.
Nirvana’s official Twitter account confirmed that the exploit stated that it was “investigating the attack and announcing it to the community as soon as possible.”
The Nirvana protocol has been abused today.
The Nirvana team is investigating the attack and will announce it to the community as soon as possible.
Nirvana Finance (@nirvana_fi) July 28, 2022
Solend, another DeFi protocol from Solana, confirmed that the attacker borrowed the first $ 10 million USDC from the main pool.
We know @nirvana_fi Exploit using Solend flash loan. We are in contact with the team and will do our best to assist you. Solend’s funds are safe.
Solend (adopting!) (@ Solendprotocol) July 28, 2022
The Solana-based lending protocol has already been in contact with the Nirvana team and tweeted that the platform’s funding is secure.
Nirvana since then Clarification The attack was not due to Solend, but to the abuse of the system.
What we know so far:
Nirvana was maliciously hacked and the reserve was stolen.
Flash loan attacks were used to steal money. This is not Solend’s fault, but an abuse of Nirvana’s program.https://t.co/NkmtHAbAAa
Nirvana Finance (@nirvana_fi) July 28, 2022
according to For blockchain security firm OtterSec, the attack is similar to what happened earlier this month with another Solana-based protocol, Crema Finance.
The hacker uploaded the program to the blockchain and closed it after the exploit. ,
OtterSec continued that hackers were able to use flash loan attacks to raise ANA’s price from $ 8 to $ 24, so they could claim “USDC and USDT at this soaring price.”
2 / This hack had many similarities to previous hacks.Similar to @Crema_Finance Hack, this also used a Solend Flash loan.
The attacker’s program was also uploaded onto the chain and closed shortly thereafter. https://t.co/kgg7C2M2Gq pic.twitter.com/GJaAZlfJZD
OtterSec (@osec_io) July 28, 2022
Crema Finance lost $ 6 million for a flash loan attack that had to suspend service temporarily.
