A new decentralized finance protocol has been introduced.is Nirvana FinanceRuns on Solana’s blockchain.
Nirvana Finance liquidated
according to DeFiLlamaData of, That TVL Almost dissolved. It went from $ 3.5 million to zero in a day.
This issue was caused by an exploit that allowed hackers to eject the protocol wallet through what appeared to be a flash loan-based attack.
#PeckShieldAlert Seems like @nirvana_fi Abuse @peckshield
The exploiter has bridged the already stolen funds to Ethereum 0xB9AE2624Ab08661F010185d72Dd506E199E67C09 https://t.co/xsByVkbWKi pic.twitter.com/hXWuLgnViZ— PeckShieldAlert (@PeckShieldAlert) July 28, 2022
NIRVOr protocol stablecoin lost pegs and its value plummeted 85% within 20 minutes, but native ANA tokens lost 80% of their value during the same period..
This exploit has been officially confirmed, but details have not yet been announced.
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
Just a few days ago, the official Twitter profile wrote:
“Low risk = low reward
High risk = high reward
Balanced risk = adaptive, sustainable and reasonable rewards. “
Low risk = low reward 🪙
High risk = high reward 💰
Balanced risk = adaptive, sustainable and reasonable rewards ☯️💸✨$ ANA #nirvana #DeFi https://t.co/RtWLcBZ3aQ
— Nirvana Finance (@nirvana_fi) July 25, 2022
According to the first official rebuild, the attack exploited the wrong pricing feed, Protocol $ 3.5 million TVL Via flash loan. As a result, the native token and stablecoin crashed.
On-chain data shows that hackers have opened $ 10 million USDC He’s worth $ 10 million ANA token.. Flash loans are repaid in the same block they were created in, so you can borrow large amounts of money without having to pledge anything as collateral. The Solend protocol was used for this flash loan.
The real attack is to manipulate the protocol’s Oracle feed by soaring the price of ANA tokens. in this way, ANA Beyond what was cast by hackers $ 10 millionToo many, later he was able to resell them by cashing $ 13.49 million in USDT..
After returning the borrowed US $ 10 millionHe was left with 3.49 million USDT and was later converted to DAI.
This action effectively drained almost the whole thing. $ 3.5 million from the Nirvana protocol wallet.
Solend said the protocol was not affected by exploits.
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