Nirvana Finance Announces Recovery Plan After 2022 Hack

According to PANews, Nirvana Finance has announced its recovery plan following a hack in July 2022. The incident involved hacker Shakeeb Ahmed manipulating the protocol's pricing mechanism to steal approximately $3.5 million in stablecoins. Through collaboration with the U.S. Department of Justice, Department of Homeland Security, and the IRS, Nirvana successfully recovered the stolen funds. Ahmed has been sentenced to three years in prison and is required to return the cryptocurrency and pay $3.4 million in restitution. Nirvana Finance plans to launch its V2 mainnet in mid-October and initiate the victim compensation process. This marks a significant step in the protocol's efforts to restore trust and ensure the security of its platform.