A $3.5 million flash loan attack on adaptive yield protocol Nirvana Finance has led to a collapse of the protocol's ANA token and its Solana-based algo stablecoin NIRV.
The Nirvana team is now offering the hacker a whitehat bounty of $300,000 and a “cessation” of the investigation into their identity. So far they revealed that the hacker’s wallet tied to a centralized exchange has been flagged.
"Please accept this good faith request and return our treasury for the good of the whole Nirvana community. You have not taken money from VCs or large funds—the treasury you have taken represents the collective hopes of everyday people," it wrote.On behalf of the Nirvana Finance community, we humbly ask that you return the stolen funds from our treasury. 1/5The algorithmically collateralized NIRV is unironically described by the protocol as a “superstable” token.
“NIRV is always treated as $1 from the protocol’s point-of-view. This dollar value is denominated in ANA tokens. For instance, if the spot price of ANA is $12, the protocol accepts 12 NIRV to purchase an ANA token.” In this instance, it appears that NIRV was depegged as a direct result of $3.49 million worth of USDT being stolen from Nirvana’s coffers. It marks yet another algo-stablecoin that has been severely depegged in 2022. Beanstalk Farm’s algorithmic stablecoin is sitting at $0.
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