Algo Stablecoin Nirvana Suffers Flash Loan Attack, Losses USD Peg
Main page News, Stablecoins, Hacker Attack, Solana

Stablecoin nirvana (NIRV) based on the Solana network lost its USD peg after an unknown bad actor "maliciously hacked" and stole the reserves of the project, the developers team said on Twitter.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

They added that the project has suffered a flash loan attack, emphasizing that it was not the fault of Solend. As of press time, NIRV is trading below its normal level by 90% at $0.16.

However, NIRV's plunge wasn't alone, as the other token — nirvana ana (ANA) —that was used as a collateral for the algorithmic stablecoin also crashed to $1.42, losing over 80% in value.

Terra's Kwon Rejects Fraud Accusations, Gives Moral Support to Those Suffered from Collapse

The Nirvana team said that the both tokens will have no exchange value until the thief restores funds. It remains unclear if the developers plan to reimburse investors that suffered losses as a result of the hacker attack. The nature of the vulnerability also remains undisclosed.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error