SAD_
Autopsy report

Nirvana Finance

ANA / NIRV | Stablecoin / DeFi
Hack / exploitDied Jul 2022

A Solana stablecoin protocol marketed as having an 'unbreakable' peg. An attacker used a flash loan to manipulate its pricing and drained about $3.5M, and the token collapsed.

Missed warning signs
  1. 1-3mo
  2. 2-1mo
  3. 3-1mo
  4. XDeath

Spacing is ordinal, not to scale. Numbers match the list below.

  1. 1

    'Unbreakable peg' marketing, a claim that reads as an invitation to attackers.

    Visible 3 months before death | 'Unhackable' claims

    DefiLlama Adapters (GitHub)Nirvana Finance (Medium)

  2. 2

    Pricing could be manipulated within a single block.

    Visible 1 month before death | Manipulable price source

    CertiKNirvana Finance (Medium)

  3. 3

    TVL was thin enough that one loan could move the whole pool.

    Visible 1 month before death | Thin liquidity

    CertiKCoinDesk

The lesson

Every 'unhackable' protocol is a target with a bounty attached.

Sources
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Editorial summary of public reporting. Allegations are labeled as allegations. Not financial or legal advice.

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