{"id":65023,"date":"2022-07-28T16:39:08","date_gmt":"2022-07-28T13:39:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65023"},"modified":"2025-09-06T17:41:59","modified_gmt":"2025-09-06T14:41:59","slug":"hackers-attacked-the-nirvana-defi-project-the-nirv-stablecoin-lost-parity-with-the-dollar","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hackers-attacked-the-nirvana-defi-project-the-nirv-stablecoin-lost-parity-with-the-dollar\/","title":{"rendered":"Hackers attacked the Nirvana DeFi project. The NIRV stablecoin lost parity with the dollar."},"content":{"rendered":"<p>The Solana-based yield farming protocol Nirvana Finance was attacked using <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-flash-loans\">instant loan<\/a>. The attackers drained digital assets from the project&#8217;s treasury worth $3.49 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Nirvana protocol suffered an exploit today. <\/p>\n<p>The Nirvana team is investigating the attack and will make an announcement to the community as soon as possible.<\/p>\n<p>\u2014 Nirvana Finance (@nirvana_fi) <a href=\"https:\/\/twitter.com\/nirvana_fi\/status\/1552629332023152641?ref_src=twsrc%5Etfw\">July 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Today the Nirvana protocol was exploited. The team is conducting an investigation into the attack and will make an announcement to the community in the near future,&#8221; wrote the developers.<\/p>\n<\/blockquote>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">29 \u0438\u044e\u043b\u044f 2022 | 15:35<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Nirvana Finance representatives reached out to the hacker to return the funds and switch to white-hat status. For the disclosed vulnerability, the project proposed setting aside $300 000.<\/p>\n<p>According to the statement, the developers managed to locate the attacker\u2019s wallet on an unnamed centralized platform and are now working on its identification.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To The Nirvana Hacker:<\/p>\n<p>On behalf of the Nirvana Finance community, we humbly ask that you return the stolen funds from our treasury. 1\/5<\/p>\n<p>\u2014 Nirvana Finance (@nirvana_fi) <a href=\"https:\/\/twitter.com\/nirvana_fi\/status\/1552761630127177730?ref_src=twsrc%5Etfw\">July 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<p>According to Solana.fm block explorer data, the hackers used an instant loan on the Solend platform in the amount of 10 million USDC to manipulate the protocol\u2019s price oracle. The funds allowed them to issue a large amount of the project&#8217;s ANA utility tokens, whose value as a result of these actions exceeded $10 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ Key Accounts Involved<\/p>\n<p>Nirvana Treasury Account: <a href=\"https:\/\/t.co\/LIvivLjXqo\">https:\/\/t.co\/LIvivLjXqo<\/a><\/p>\n<p>Nirvana Hacker Account: <a href=\"https:\/\/t.co\/KNCwA7nEnU\">https:\/\/t.co\/KNCwA7nEnU<\/a><\/p>\n<p>Both accounts have been tagged on <a href=\"https:\/\/twitter.com\/solanafm?ref_src=twsrc%5Etfw\">@solanafm<\/a> explorer.<\/p>\n<p>\u2014 FA2 | SolanaFM (@0xFA2) <a href=\"https:\/\/twitter.com\/0xFA2\/status\/1552576601996402688?ref_src=twsrc%5Etfw\">July 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async xmlns=\"https:\/\/platform.twitter.com\/widgets.js\" src=\"\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/nirvana\">DeFi Llama<\/a>, before the attack slightly more than $3.5 million in ANA had been locked in the project&#8217;s smart contracts (excluding staking).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"348\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/defillama-1-1024x348.png\" alt=\"Hackers attacked the Nirvana DeFi project. The NIRV stablecoin lost parity with the dollar\" class=\"wp-image-180203\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/defillama-1-1024x348.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/defillama-1-300x102.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/defillama-1-768x261.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/defillama-1.png 1383w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: DeFi Llama.<\/figcaption><\/figure>\n<p>At an inflated price, the attackers initiated the exchange of ANA utility tokens for $13.49 million in USDT. Since the protocol deemed the asset issuance legitimate, it freed liquidity from Nirvana&#8217;s treasury.<\/p>\n<p>After obtaining the funds the hackers repaid the debt on Solend and moved the remaining amount to the Ethereum network via the Wormhole bridge.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"504\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/solana-2-1024x504.png\" alt=\"Hackers attacked the Nirvana DeFi project. The NIRV stablecoin lost parity with the dollar\" class=\"wp-image-180204\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/solana-2-1024x504.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/solana-2-300x148.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/solana-2-768x378.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/solana-2.png 1507w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Movement of funds during the attack. Data: <a href=\"https:\/\/solana.fm\/tx\/LyUnvdY9KBQiVRFqmSzGUfCuPGqYX1xNHCWLWxWZ4MvgLcNis2Kui6T25Ayai5UzpTAFkSRSgriKb3pM8tAoeR5?cluster=mainnet-qn1\">Solana.fm<\/a>.<\/figcaption><\/figure>\n<p>According to CoinGecko, ANA&#8217;s price fell by 78% due to the attack, to $1.96. The project\u2019s algorithmic stablecoin NIRV lost its peg to the US dollar \u2014 the asset is trading at around $0.18.<\/p>\n<p>In the second quarter of 2022, total losses from hacks and fraud across crypto projects amounted to <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-projects-lose-over-670-million-to-hacks-in-q2\">$670 698 280<\/a>, according to Immunefi.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\"\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 crypto news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Solana-based yield farming protocol Nirvana Finance was attacked using an {{AOPEN_1}}instant loan{{ACLOSE_1}}. The attackers drained digital assets from the project&#8217;s treasury worth $3.49 million.<\/p>\n","protected":false},"author":1,"featured_media":65024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1159],"class_list":["post-65023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65023"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65023\/revisions"}],"predecessor-version":[{"id":65025,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65023\/revisions\/65025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65024"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}