Sunday, July 27, 2025
  • Login
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
CRYPTO MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result

Stablecoin Nirvana misplaced 90% of its worth after a flash mortgage assault

by SB Crypto Guru News
August 15, 2022
in Scam Alert
Reading Time: 2 mins read
0 0
A A
0


One other stablecoin has misplaced its peg towards the US {Dollars} after the protocol suffered an exploit.

Nirvana Finance, a decentralised finance (DeFi) yield protocol on Solana, is the sufferer of a flash mortgage assault, shedding roughly $3.5 million to the attackers. That is in line with PerkShield. 

Following the assault, Nirvana’s native token ANA and its stablecoin NIRV recorded large worth falls. ANA has misplaced greater than 89% of its worth to date, dropping from $8.97 to $0.93.

The NIRV stablecoin has misplaced its peg towards the US Greenback after shedding greater than 90% of its worth for the reason that assault. 

Based on the on-chain information, the hacker(s) used a $10 million flash mortgage in USDC to mint $10 million price of ANA tokens. With flash loans, individuals can borrow massive quantities of capital at a low price so long as the mortgage is repaid inside the similar block.

The information confirmed that the flash mortgage was secured on the Solend Protocol, a lending protocol on the Solana blockchain. 

The hacker proceeded to benefit from Nirvana’s oracle feed, permitting them to inflate the worth of ANA cash. Therefore, guaranteeing that their holdings exceeded $10 million.

The attacker went on to swap the unique $10 million price of ANA tokens for $13.49 million price of USDT stablecoin. 

The assault eliminated $3.49 million from the Nirvana treasury, with the attacker repaying the preliminary $10 million mortgage and transferring the revenue to an Ethereum pockets tackle through the Wormhole.

The attacker transformed the funds to the DAI stablecoin afterward. In the meanwhile, Nirvana is but to launch an official assertion relating to the assault. 

The Solend crew stated they’re conscious of the assault and are involved with the Nirvana crew to see how they can assist. 

We’re conscious of a @nirvana_fi exploit that made use of Solend flash loans. We’re involved with the crew to assist in any approach we will. Funds on Solend are secure.

— ?? Solend (we’re hiring!) (@solendprotocol) July 28, 2022

DeFi protocols have suffered quite a few flash mortgage assaults over the previous 12 months. In April, Beanstalk, an Ethereum stablecoin mission, misplaced $182 million, in what is taken into account the most important flash mortgage exploit recorded to date within the cryptocurrency area. 





Source link

Tags: attackBitcoin NewsCrypto NewsCrypto UpdatesflashLatest News on CryptoLoanLostNirvanaSB Crypto Guru Newsstablecoin
Previous Post

The Metaverse Requirements Discussion board – Cesium

Next Post

How one can Construct a Minting Dapp » Moralis » The Web3 Improvement Workflow

Related Posts

Grok refuses to pick winner for Crypto Rover competition citing ZachXBT pump and dump evidence

Grok refuses to pick winner for Crypto Rover competition citing ZachXBT pump and dump evidence

by SB Crypto Guru News
July 21, 2025
0

X’s Grok chatbot declined to select a winner for a $1,000 Ethereum giveaway organized by crypto influencer Crypto Rover, citing...

XRP trading volume soars as new ATH attracts deepfake scam targeting investors

XRP trading volume soars as new ATH attracts deepfake scam targeting investors

by SB Crypto Guru News
July 18, 2025
0

XRP has hit a new all-time high of $3.65, driven largely by a spike in trading activity across South Korea...

Chinese industry group warns Web3 and DeFi high-return deals hide classic Ponzi engines

Chinese industry group warns Web3 and DeFi high-return deals hide classic Ponzi engines

by SB Crypto Guru News
July 10, 2025
0

The Beijing Internet Finance Industry Association (BIFA) issued a notice on July 9 urging retail investors to reject pitchbooks that...

Scam targets dormant Bitcoin wallets with fake legal notice

Scam targets dormant Bitcoin wallets with fake legal notice

by SB Crypto Guru News
July 8, 2025
0

Analysts at BitMEX Research have raised the alarm about a scam targeting early Bitcoin holders, particularly those with wallets dating...

Crypto firms paid .7M monthly to North Korean workers

Crypto firms paid $2.7M monthly to North Korean workers

by SB Crypto Guru News
July 2, 2025
0

An on-chain investigation has revealed that North Korea IT workers posing as foreign developers have earned nearly $17 million from...

Load More
Next Post
How one can Construct a Minting Dapp » Moralis » The Web3 Improvement Workflow

How one can Construct a Minting Dapp » Moralis » The Web3 Improvement Workflow

New Launch 5.2.0 – Electrical Coin Firm

New Launch 5.2.0 - Electrical Coin Firm

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Facebook Twitter LinkedIn Tumblr RSS

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.