Monday, June 5, 2023
No Result
View All Result
Crypeto News
Smarter_way_USA
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
Crypeto News
No Result
View All Result

Stablecoin Nirvana lost 90% of its value after a flash loan attack

by crypetonews
July 28, 2022
in Scam Alert
Reading Time: 2 mins read
0 0
A A
0
Home Scam Alert
Share on FacebookShare on Twitter


Another stablecoin has lost its peg against the US Dollars after the protocol suffered an exploit.

Nirvana Finance, a decentralised finance (DeFi) yield protocol on Solana, is the victim of a flash loan attack, losing roughly $3.5 million to the attackers. This is according to PerkShield. 

Following the attack, Nirvana’s native token ANA and its stablecoin NIRV recorded massive price falls. ANA has lost more than 89% of its value so far, dropping from $8.97 to $0.93.

The NIRV stablecoin has lost its peg against the US Dollar after losing more than 90% of its value since the attack. 

According to the on-chain data, the hacker(s) used a $10 million flash loan in USDC to mint $10 million worth of ANA tokens. With flash loans, people can borrow large amounts of capital at a low cost as long as the loan is repaid within the same block.

The data showed that the flash loan was secured on the Solend Protocol, a lending protocol on the Solana blockchain. 

The hacker proceeded to take advantage of Nirvana’s oracle feed, allowing them to inflate the price of ANA coins. Hence, ensuring that their holdings exceeded $10 million.

The attacker went on to swap the original $10 million worth of ANA tokens for $13.49 million worth of USDT stablecoin. 

The attack removed $3.49 million from the Nirvana treasury, with the attacker repaying the initial $10 million loan and moving the profit to an Ethereum wallet address via the Wormhole.

The attacker converted the funds to the DAI stablecoin afterward. At the moment, Nirvana is yet to release an official statement regarding the attack. 

The Solend team said they are aware of the attack and are in contact with the Nirvana team to see how they can help. 

We’re aware of a @nirvana_fi exploit that made use of Solend flash loans. We’re in contact with the team to help in any way we can. Funds on Solend are safe.

— 🙏🚫 Solend (we’re hiring!) (@solendprotocol) July 28, 2022

DeFi protocols have suffered numerous flash loan attacks over the past year. In April, Beanstalk, an Ethereum stablecoin project, lost $182 million, in what is considered the largest flash loan exploit recorded so far in the cryptocurrency space. 



Source link

Tags: attack..flashloanlostNirvanaStablecoin
Previous Post

US film producer pleads guilty to crypto scam

Next Post

Cross-chain protocol Nomad lost $200 million to hackers

Related Posts

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%
Scam Alert

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 28, 2023
CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case
Scam Alert

CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case

April 28, 2023
1 quadrillion yUSDT minted in Yearn Finance exploit
Scam Alert

1 quadrillion yUSDT minted in Yearn Finance exploit

April 13, 2023
DeFi platforms lost over $21M to hackers in February: DefiLlama data
Scam Alert

DeFi platforms lost over $21M to hackers in February: DefiLlama data

March 6, 2023
SEC charges former FTX official Nishad Singh
Scam Alert

SEC charges former FTX official Nishad Singh

February 28, 2023
New York Attorney General sues CoinEx over failure to register
Scam Alert

New York Attorney General sues CoinEx over failure to register

February 23, 2023
Next Post
Cross-chain protocol Nomad lost $200 million to hackers

Cross-chain protocol Nomad lost $200 million to hackers

Curve Finance resolves a Domain Name Service spoofing hack

Curve Finance resolves a Domain Name Service spoofing hack

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

A Comprehensive Guide to Uniswap (UNI) Tokenomics
Blockchain

A Comprehensive Guide to Uniswap (UNI) Tokenomics

by crypetonews
May 30, 2023
0

Centralized exchanges have served as one of the most common points for accessing crypto assets. The primary trait of centralized...

Lenovo Debuts ThinkReality VRX in UK

Lenovo Debuts ThinkReality VRX in UK

May 31, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
BitFlyer Embraces FATF’s ‘Travel Rule’ as Japan Starts AML Regime

BitFlyer Embraces FATF’s ‘Travel Rule’ as Japan Starts AML Regime

May 30, 2023
Ethereum Challenger Avalanche (AVAX) Exceeds 1,000,000 Monthly Active Addresses Amid Rollout of Web3 Launchpad

Ethereum Challenger Avalanche (AVAX) Exceeds 1,000,000 Monthly Active Addresses Amid Rollout of Web3 Launchpad

June 2, 2023
Blockchain Association Files Amicus Brief in Coin Center Lawsuit Against U.S. Treasury Over Tornado Cash Sanctions

Blockchain Association Files Amicus Brief in Coin Center Lawsuit Against U.S. Treasury Over Tornado Cash Sanctions

June 2, 2023
  • Trending
  • Comments
  • Latest
146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

May 17, 2023
What is the Erigon Node Consensus Layer?

What is the Erigon Node Consensus Layer?

February 15, 2023
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

November 23, 2022
Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

May 12, 2023
Secured #5: Public Vulnerability Disclosures Update

Secured #5: Public Vulnerability Disclosures Update

May 3, 2023
Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

October 27, 2022
PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

24
BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

20
Ending Logan Paul's Biggest Scam

Ending Logan Paul's Biggest Scam

40
⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

24
I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

38
Our INSANE XRP Prediction (CZ & Binance In HOT WATER)

Our INSANE XRP Prediction (CZ & Binance In HOT WATER)

21
Here’s Why LUNC’s Price Could Cross $0.00015 Soon

Here’s Why LUNC’s Price Could Cross $0.00015 Soon

June 5, 2023
Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’

Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’

June 5, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Crypto Advocates Fight To Remove ‘Unlawful’ Sanctions On Tornado Cash

Crypto Advocates Fight To Remove ‘Unlawful’ Sanctions On Tornado Cash

June 5, 2023
Market Outlook #223 – An Altcoin Trader’s Blog

Market Outlook #223 – An Altcoin Trader’s Blog

June 5, 2023
Smithsonian picks architect for $130m Bezos Learning Center on Washington, DC’s National Mall

Smithsonian picks architect for $130m Bezos Learning Center on Washington, DC’s National Mall

June 5, 2023
Crypeto News

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Crypeto News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

LATEST UPDATES

  • Here’s Why LUNC’s Price Could Cross $0.00015 Soon
  • Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’
  • Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In