CoinVoice has recently learned that the algorithmic stablecoin protocol Nirvana Finance announced that its V2 version will officially open to the public at 2 AM Beijing time on December 18 (UTC time December 17 at 6:00 PM). This relaunch not only completes full compensation for the funds of the victims in the 2022 hacking incident but also introduces a brand new security, governance, and token economic model.
Additionally, Nirvana V2 launched a Market Driven Minting (MDM) framework, ensuring that the token ANA has upside potential and limited downside risk through a reserve-supported price floor mechanism. The protocol also plans to gradually expand to assets like BTC and SOL.
The latest information reveals that former security engineer Shakeeb Ahmed was sentenced to 3 years in prison by U.S. District Judge Victor Marrero for attacking two decentralized cryptocurrency trading platforms and stealing over $12 million in cryptocurrency. This is the first conviction case related to hacking attacks on smart contracts.
In July 2022, Ahmed launched an attack on a cryptocurrency exchange using false pricing data, stealing approximately $9 million in cryptocurrency. He then attacked Nirvana Finance, exploiting a vulnerability in its smart contract to purchase cryptocurrency at a price lower than that set by the contract, and selling it to Nirvana at a higher price, stealing nearly all of Nirvana's $3.6 million in funds, leading to its closure shortly after being hacked. [Original link]
