Saturday, December 10

Hacker Used A $10M USDC Fast Loan To Further Issue An ANA For A Similar Sum Of Money On Nirvana Finance, $3.5M Was Stolen

The general crypto industry is just recovering from the attacks on crypto finance protocols and another hit just occurred to deepen the existing wound. This season has tuned out to be unfriendly to the crypto sphere. Barely three months now the attack of FUD on the USDT collateral, the partial de-peg of USDD and USDN, the multi-billion dollar crash of the Terra together with its stablecoin UST and LUNA, the incident happened to Three Arrow Capital, and many more.

As stated by the crypto analysts firm, PeckShield, Solana-based Nirvana Finance got a big attack on its DeFi-protocol token, ANA together with its stablecoin NIRV plunged in value by 90%.

$3.5 million Was Stolen

As stated by the source, the hacker stole a sum of $3.5 million in addition.

The hacker used a $10 million USDC fast loan to advance issue an ANA for a similar sum of money to initiate the attack. The loan on its own was secured by another Solana-based protocol, Solend.

Then, after, the hacker has to inflate the price of ANA to later exchange its $10 million for a sum of $13.5 million which will be $3.5 million in addition to its capital.

The hacker distributed the gains to the anonymous Ethereum wallet after repaying the initial loan of $10 million and then converted the funds into DAI.

At the moment, Nirvana Finance hasn’t commented on the incident, however, the trading functions have already been stopped right from when the users asked them to do so.

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