Nirvana V1
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -9.6 |
| Problems around it, caused by others | -0.8 |
| Long-running | +4 |
| Sum | 55 |
- No longer operating, so capped at 50.
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 50/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 9 of 11 claims confirmed · 2 need better sources
anchored·38mWT7…5Ug4Summary
Nirvana V1 was a Solana-based algorithmic stablecoin and yield protocol that operated twin tokens: ANA (an algorithmic metastable wealth token) and NIRV (a decentralized stablecoin). On July 28, 2022, the protocol was catastrophically exploited via a flash loan attack that drained approximately $3.5 million — representing nearly all protocol reserves — causing both tokens to collapse and forcing a permanent shutdown. The attacker, Shakeeb Ahmed, was later identified, arrested, and convicted in the first-ever U.S. criminal prosecution for hacking a smart contract, and was sentenced to three years in prison in April 2024.
Connected Entities
6 entities · 60 linked investigations- Nirvana V1→mentioned with→Crema Finance(80%)
- Nirvana V1→mentioned with→Nirvana Finance(80%)
- Nirvana Finance→mentioned with→Crema Finance(80%)
- Wormhole→mentioned with→Solana(80%)
- Wormhole→mentioned with→Ethereum(70%)
- Nirvana Finance→mentioned with→Ethereum(70%)
- Nirvana Finance→mentioned with→Wormhole(75%)
- Nirvana Finance→mentioned with→Solana(80%)
- Nirvana V1→mentioned with→Wormhole(65%)
- Nirvana V1→mentioned with→Solana(80%)
- + 5 more
Timeline(10 events)
2 July 2022
Shakeeb Ahmed conducts first hack, exploiting Crema Finance (a separate Solana DEX) for approximately $9 million using fake pricing data to generate inflated fees via flash loans.
28 July 2022
Nirvana V1 flash loan exploit: Shakeeb Ahmed drains approximately $3.5–3.6 million from Nirvana Finance treasury using price manipulation on the ANA smart contract. Stolen funds bridged to Ethereum via Wormhole and converted to DAI.
28 July 2022
Nirvana Finance suspends trading. ANA token falls over 85%; NIRV stablecoin depegs to approximately $0.08. Protocol announces loss of all collateral via Telegram.
28 July 2022
Nirvana Finance offers attacker a white-hat bounty of up to $600,000 in exchange for return of funds. Attacker counter-demands $1.4 million. No agreement reached.
August 2022
Nirvana Finance shuts down permanently following loss of all treasury reserves.
11 July 2023
U.S. DOJ (SDNY) arrests Shakeeb Ahmed and charges him with wire fraud and money laundering related to both the Crema Finance and Nirvana Finance hacks. Case described as first-ever U.S. criminal prosecution for hacking a smart contract.
14 December 2023
Shakeeb Ahmed pleads guilty to one count of computer fraud before U.S. Magistrate Judge Ona T. Wang (SDNY). Agrees to forfeit $12.3 million and pay over $5 million in restitution.
12 April 2024
Shakeeb Ahmed sentenced to 3 years in federal prison plus 3 years supervised release. Ordered to forfeit $12.3 million and pay restitution of over $5 million. First-ever criminal conviction for hacking a smart contract.
4 June 2024
Approximately $2.6 million returned to Nirvana Finance following enforcement of forfeiture order, as confirmed by TRM Labs.
17 December 2024
Nirvana Finance V2 launches publicly. Team opens compensation claims for V1 hack victims based on pro-rata share of recovered $2.6 million. Protocol pledges 10% of V2 fees to V1 victims in perpetuity.
Decision Log
- slot 464347440 · hash 3Xnvq2EuEGdv8QzFuFxHMdX6DupJm5LnknMuicadhHnB
- slot 464347435 · hash 3Xha54wVMDBz3JaePhLcWmYoG5HJzWZipSw1cVqAT5FE
- slot 455361967 · hash GaYZU8jtMMNuLxdDmki5JouzRhLYPJ54DfcN574EomDs
- slot 422765165 · hash R64maftzv6omyZ6rEUeUoAhm99vKAigvb36rGYD4q7k
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 12 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:48 AM
last updated: 11/2/2026, 3:40:20 AM
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