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Broader crypto market is showing uptick while everything is not well for Nirvana Finance.
Nirvana Finance requested the hacker to return the stolen funds back.
On July 28, Solana based defi protocol was exploited in an attack. As it was reported, the hacker managed to steal approx 3.49 Million USD from adaptive yield protocol. Since the exploitation, the team of Nirvana Finance is active on different platforms for helping its troubled users and trying to bring back the stolen amount from the treasury.
According to Nirvana, the malicious attack took advantage of an exploit in the protocol’s program. Hackers used a flashloan attack in order to steal money. Soon after the news of the Nirvana Finance attack broke out and panic spread all around the space. The attack made native token of protocol ANA and its stablecoin NIRV down by about 85% and 87% respectively, at the time of writing.
Nirvana Finance soon after the attack, went on to Twitter and advised users to be careful with its native crypto assets. The tweet explained that ANA token lost its collateral and stablecoin NIRV lost its peg. Both these crypto assets will refrain from any exchange values until the funds get restored. Since the assets have no guaranteed value for now, defi protocol advised to be careful while trading ANA and NIRV.
While in a twitter thread, Nirvana turned to the hacker and asked to return the funds stolen from their treasury. They further added that the team is investigating and taking out the help of different resources to track the hacker’s identity and regain the abducted funds.
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However, the defi protocol further asked the hacker that they are willing to consider this as discovery of their protocol’s vulnerability. As a result, they offered 300K USD as a reward and to stop their investigation.
Nirvana urged the hacker that the stolen money belonged to many small investors and signified their collective anticipations and trust on the protocol. They further offered the hacker to reach out for open dialogue.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
