According to ChainCatcher, Nirvana Finance announced its protocol ’s recovery plan after the July 2022 hacker attack. In July 2022, hacker Shakeeb Ahmed stole approximately $3.5 million in stablecoins by manipulating the protocol’s pricing mechanism.
After working with the U.S. Department of Justice, Department of Homeland Security, and IRS, Nirvana successfully recovered the stolen funds and Ahmed was sentenced to three years in prison. He was also required to return the cryptocurrency and pay $3.4 million in compensation. Nirvana plans to launch the V2 mainnet in mid-October and start the victim compensation process.
