Technology

Solana-based Nirvana loses $3.5M to flash loan exploit; tokens tank 90%

Solana-based DeFi protocol, Nirvana Finance lost $3.5 million to a flash loan attack on July 28. The attack resulted in Nirvana’s native token ANA losing 85% of its value. The token’s price fell from $8.97 to as low as $0.81 within hours of the attack before rebounding to its current value of $1.26, CoinGecko data revealed. The ecosystem’s dollar-pegged stablecoin, NIRV, is also down by almost 90% and is currently trading for $0.12. On-chain data showed that the attacker took a $10 million USDC loan to mint $10 million worth of ANA tokens and then swapped the $10 million ANA for $13.49 million USDT. This way, the attacker could steal $3.5 million from the Nirvana treasury, repay the USDC loan, and then move the stolen funds to an Ethereum wallet converting it to DAI stablecoin. Nirvana’s official Twitter account confirmed the exploit stating that it is “investigating the attack and will make an announcement to the community as soon as possible.”

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