Nirvana Finance has opened the claims for compensation and launched Nirvana V2

ChainCatcher news, 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 restart not only completes the full compensation for the victims' funds from the 2022 hacking incident but also introduces a brand new security, governance, and token economic model.

In addition, Nirvana V2 has launched a Market Driven Minting (MDM) framework, which ensures that the token ANA has upside potential and limited downside risk through a reserve-backed price floor mechanism. The protocol also plans to gradually expand to assets such as BTC and SOL.

Previous news, former security engineer Shakeeb Ahmed was sentenced to 3 years in prison by U.S. District Judge Victor Marrero for attacking two decentralized cryptocurrency exchanges and stealing over $12 million worth of cryptocurrency. This is the first conviction case related to smart contract hacking.

In July 2022, Ahmed attacked a cryptocurrency exchange using false pricing data and stole approximately $9 million worth of cryptocurrency. Subsequently, he attacked Nirvana Finance, exploiting a vulnerability in its smart contract to purchase cryptocurrency at a price lower than that set by the contract and sell it to Nirvana at a higher price, stealing nearly all of Nirvana's $3.6 million funds, which led to its closure shortly after being hacked.