Solana-based cryptocurrency hacked, 3.5 million stolen

The Solana-based stablecoin NIRV has dropped 85% in value — all due to an exploit that saw hackers steal 3.5 million.

According to Solana representatives, the hacking of the Nirvana Finance adaptive yield protocol caused the value of both the Nirvana stablecoin (NIRV) and the Nirvana cryptocurrency (ANA) to plummet by 85% each. «Using Solend Protocol flash loans, the hacker borrowed $ 10 million from the Solend main pool vault, which was used to steal $ 3.5 million from Nirvana Finance,» Solend said.

At the time of writing, NIRV is trading at $ 0.1379 and ANA at $ 1.32. The hackers stole the tokens' reserve funds, so NIRV and ANA lost their collateral and have no secured market value. The Nirvana team offered the hacker a $ 300,000 reward and promised to stop trying to find and identify the hijacker if he returns the stolen funds. So far, Nirvana representatives have managed to find out that the hacker’s wallet is linked to one of the centralized exchanges.

It is worth noting that in most cases, hackers, having a large stolen amount in their hands, do not agree to smaller funds as a reward. Recently, the Harmony Protocol team offered a reward of $ 1 million for the return of $ 100 million in cryptocurrency stolen as a result of the hack of its Horizon bridge. At that time, the hackers, as well as members of the crypto community, considered the $ 1 million reward for the return of $ 100 million in cryptocurrency to be a «dropin the bucket» and transferred the stolen funds to the Tornado Cash mixer.