Lol, I swear the headlines write themselves these days, I am not even trying anymore. I just boot up my computer in the morning and check my #shitcoin news update and there's always something brewing. Of late Solana has taken over as top of the chain fails, now that everyone who was in Terra and Luna got cleaned out.
A scam I warned about ages ago, but No, no one would listen to me, where are you Luna shill boys now? Huh? That's right on to the next project while you memory hole your failures and don't own up to your bullshit.
Solana in the last month has been hit with the failure of the nomad bridge, the doxing of wallet seed phrases, and now another DEFI protocol gets nailed in Nirvana Finance.
https://twitter.com/nirvana_fi/status/1552668321962762242
- nirvana_fi
For all the NIRV
The Solana-based yield farming project known as Nirvana Finance, was "exploited" but I mean really if code is the law then he is just following what is permissible by the protocol and smart contract right? The user used flash loans to drain the project of just under $3.5 million.
How he did it was "attacker" locked up capital and took out a $10 million loan from the Solend project. They then used it to mint ANA tokens, swapped the ANA for $13.5 million, and then repaid the loan.
The attack was similar to the attack on Crema Finance, which is also a Solana-based project, but I didn't cover that one. Crema was taken for 8 million and the user then returned the funds but was allowed to keep $1.6 million.
But back to NIRV,
In the aftermath of simply pushing the broken tokenomics to the test, The attack caused the project's ANA token to plunge in value by 80%, and the project's NIRV stablecoin to lose its dollar peg, falling to $0.08.
Nirvana Finance tweeted,
"Please be advised: ANA has lost its collateral, and NIRV has lost its peg. Until the thief restores funds, these tokens will not have exchange value. Be very careful with trading NIRV & ANA, as they currently have no guaranteed value."
As is the case with crema they are simping for the user who bagged the funds and also tweeted at the so-called hacker, promising to stop investigating the hacker's identity and to pay a $300,000 "bounty" in exchange for the funds back.
They wrote,
"You have not taken money from VCs or large funds—the treasury you have taken represents the collective hopes of everyday people." The project had promised its users over 60% APY, and its Twitter account described ANA as "the balanced risk investment with adaptive yield".
LOL, much decentralised, much secure, much finance. I love seeing these things blow up and watching those soycoiners who are unaffected continue to pile into their preferred broken environment not knowing that they can and will be next, should their project reach a certain size and liquidity where it's worth nailing
Sorry SOL suckers
The fact is SOL is a dead project, the big money has already dumped and moved on, they won't be funding SOL with capital in the future and are actively trying to roll out the ones they will launch to take advantage of bitcoin's next bull run.
The remaining smaller firms will unroll their positions slowly dumping on retail what they can without tanking the price and get in line for early stage pre-mine allocations in the shitcoins coming in the next phase.
https://twitter.com/TheBTCManual/status/1554843705470816256
- TheBTCManual
Sources:
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