Nirvana Plans to Launch V2 Mainnet in Mid-October and Start Victim Compensation Process
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September 19, 2024
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Nirvana Finance Announces Recovery Plan After 2022 Hack
ChainCatcher reports that Nirvana Finance has announced a recovery plan following the July 2022 hack of its protocol. In July 2022, hacker Shakeeb Ahmed stole approximately $3.5 million in stablecoins by manipulating the protocol's pricing mechanism.
Through collaboration with the US Department of Justice, Homeland Security, and the IRS, Nirvana successfully recovered the stolen funds and secured a three-year prison sentence for Ahmed. Ahmed was also required to return the cryptocurrency and pay $3.4 million in restitution.
Nirvana plans to launch its V2 mainnet in mid-October and initiate the victim compensation process.
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