{"id":250951,"date":"2022-07-28T17:30:45","date_gmt":"2022-07-28T16:30:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=250951"},"modified":"2022-07-28T17:31:42","modified_gmt":"2022-07-28T16:31:42","slug":"solana-based-nirvana-loses-3-49m-to-flash-loan-exploit-tokens-tank-90","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/solana-based-nirvana-loses-3-49m-to-flash-loan-exploit-tokens-tank-90\/","title":{"rendered":"Solana-based Nirvana loses $3.5M to flash loan exploit; tokens tank 90%"},"content":{"rendered":"<p>Solana-based DeFi protocol, Nirvana Finance lost $3.5 million to a <a href=\"https:\/\/cryptoslate.com\/deus-dao-suffers-another-flash-loan-exploit-loses-over-16m\/\">flash loan attack<\/a> on July 28.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ \ud83d\udea8<\/p>\n<p>On 28 July, adaptive yield protocol <a href=\"https:\/\/twitter.com\/nirvana_fi?ref_src=twsrc%5Etfw\">@nirvana_fi<\/a> was exploited for $3.49M, forcing the protocol\u2019s <a href=\"https:\/\/twitter.com\/search?q=%24ANA&src=ctag&ref_src=twsrc%5Etfw\">$ANA<\/a> token price to collapse over 85%.<\/p>\n<p>The SolanaFM team broke down the key movements involved during the exploit. \ud83d\udc47<\/p>\n<p>Nirvana Hacker Account:<a href=\"https:\/\/t.co\/Zsde5MdW0j\">https:\/\/t.co\/Zsde5MdW0j<\/a> <a href=\"https:\/\/t.co\/OYMMy2G1nb\">pic.twitter.com\/OYMMy2G1nb<\/a><\/p>\n<p>&mdash; FA2 | SolanaFM (@0xFA2) <a href=\"https:\/\/twitter.com\/0xFA2\/status\/1552576598506762240?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<p>The attack resulted in Nirvana's native token ANA losing 85% of its value. The token's price <a href=\"https:\/\/www.coingecko.com\/en\/coins\/nirvana-ana\">fell<\/a> from $8.97 to as low as $0.81 within hours of the attack before rebounding to its current value of $1.26, CoinGecko data revealed.<\/p>\n<p>The ecosystem's dollar-pegged stablecoin, NIRV, is also <a href=\"https:\/\/www.coingecko.com\/en\/coins\/nirvana-nirv\">down<\/a> by almost 90% and is currently trading for $0.12.<\/p>\n<p>On-chain data <a href=\"https:\/\/solana.fm\/address\/76w4SBe2of2wWUsx2FjkkwD29rRznfvEkBa1upSbTAWH\">showed<\/a> that the attacker took a $10 million USDC loan to mint $10 million worth of ANA tokens and then swapped the $10 million ANA for $13.49 million USDT.<\/p>\n<p>This way, the attacker could steal $3.5 million from the Nirvana treasury, repay the USDC loan, and then move the stolen funds to an Ethereum wallet converting it to DAI stablecoin.<\/p>\n<p>Nirvana's official Twitter account confirmed the exploit stating that it is &#8220;investigating the attack and will make an announcement to the community as soon as possible.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\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>&mdash; 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<p>Solend, another DeFi protocol on Solana, confirmed that the attacker borrowed the initial $10 million USDC from its main pool.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We&#39;re aware of a <a href=\"https:\/\/twitter.com\/nirvana_fi?ref_src=twsrc%5Etfw\">@nirvana_fi<\/a> exploit that made use of Solend flash loans. We&#39;re in contact with the team to help in any way we can. Funds on Solend are safe.<\/p>\n<p>&mdash; \ud83d\ude4f\ud83d\udeab Solend (we&#39;re hiring!) (@solendprotocol) <a href=\"https:\/\/twitter.com\/solendprotocol\/status\/1552596718864465920?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<p>The Solana-based lending protocol tweeted that it was already in contact with the Nirvana team and that funds on its platform were safe.<\/p>\n<p>Nirvana has since <span class=\"s4\">clarified<\/span> that the attack was not a fault of Solend but rather due to an exploit of its system.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">What we know so far:<\/p>\n<p>Nirvana has been maliciously hacked and the reserves have been stolen.<\/p>\n<p>A flashloan attack was used to steal money. This is not the fault of Solend, but an exploit of Nirvana&#39;s program.<a href=\"https:\/\/t.co\/NkmtHAbAAa\">https:\/\/t.co\/NkmtHAbAAa<\/a><\/p>\n<p>&mdash; Nirvana Finance (@nirvana_fi) <a href=\"https:\/\/twitter.com\/nirvana_fi\/status\/1552635546626818058?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<p><span class=\"s4\">According<\/span> to the blockchain security company, OtterSec, the attack is similar to what happened on Crema Finance, another Solana-based protocol, earlier this month.<\/p>\n<p>The hacker uploaded a program on the blockchain and closed it after the exploit.,<\/p>\n<p>OtterSec continued that the hacker was able to use the flash loan attack to inflate ANA's price from $8 to $24, so they could claim the &#8220;USDC and USDT at this inflated price.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2\/ This hack beared many similarities to previous hacks. Similar to the <a href=\"https:\/\/twitter.com\/Crema_Finance?ref_src=twsrc%5Etfw\">@Crema_Finance<\/a> hack, this too used Solend flashloans. <\/p>\n<p>The attacker\u2019s program was also uploaded on-chain and closed immediately afterwards. <a href=\"https:\/\/t.co\/kgg7C2M2Gq\">https:\/\/t.co\/kgg7C2M2Gq<\/a> <a href=\"https:\/\/t.co\/GJaAZlfJZD\">pic.twitter.com\/GJaAZlfJZD<\/a><\/p>\n<p>&mdash; OtterSec (@osec_io) <a href=\"https:\/\/twitter.com\/osec_io\/status\/1552589383655882752?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<p>Crema Finance <a href=\"https:\/\/twitter.com\/Crema_Finance\/status\/1543416225622941696\">lost<\/a> $6 million to the flash loan attack that forced it to suspend its services temporarily.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana-based DeFi protocol, Nirvana Finance lost $3.5 million to a flash loan attack on July 28. 1\/ \ud83d\udea8 On 28 July, adaptive yield protocol @nirvana_fi was exploited for $3.49M, forcing the protocol\u2019s $ANA token price to collapse over 85%. The SolanaFM team broke down the key movements involved during the exploit. \ud83d\udc47 Nirvana Hacker Account:https:\/\/t.co\/Zsde5MdW0j [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":250996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,16041],"tags":[77936,77937,75380,77816],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Solana-based Nirvana loses $3.5M to flash loan exploit; tokens tank 90%<\/title>\n<meta name=\"description\" content=\"Hackers have drained roughly $3.5 million from Solana-based DeFi protocol, Nirvana Finance, through a flash loan attack.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/solana-based-nirvana-loses-3-49m-to-flash-loan-exploit-tokens-tank-90\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana-based Nirvana loses $3.5M to flash loan exploit; tokens tank 90%\" \/>\n<meta property=\"og:description\" content=\"Hackers have drained roughly $3.5 million from Solana-based DeFi protocol, Nirvana Finance, through a flash loan attack.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/solana-based-nirvana-loses-3-49m-to-flash-loan-exploit-tokens-tank-90\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-28T16:30:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-28T16:31:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/07\/nirvana-exploit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/solana-based-nirvana-loses-3-49m-to-flash-loan-exploit-tokens-tank-90\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/solana-based-nirvana-loses-3-49m-to-flash-loan-exploit-tokens-tank-90\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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