Nirvana no more

Nirvana Finance was hacked a few hours ago 

Nirvana finance was hacked a few hours ago and lost $3.49 million. This is yet another in a series of platforms that have had their security measures taken to task.

The hack was quite reminiscent of an earlier hack on another platform, Crema Finance, the similarities started with the use of flash loans found on Solend. The program was on-chain but closed immediately after the attack. By appearances it would seem the flash loans were used to manipulate the price of the native Nirvana token $ANA from its $8 to $24, this allowed the hacker to claim USDT and USDC from the inflated price thus draining the treasury of Nirvana. The total amount stolen was $3.490,563.69 in USDT. 

The hacker borrowed $10M USDC from the Solend main pool vault, he minted the $10M worth of $ANA using those funds and proceeded to swap $ANA for $USDT thus receiving the $3.5M from the treasury, the borrowed $10M was then returned to Solend.The stolen funds were then transferred into ETH using USDCet through a wormhole.

The hack was quickly noticed by the team of Solana for which is an indexing tool on the Solana blockchain. The team was quick to report the hack and tag the wallet address. Stay tuned to Solanews for more information on this event.

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