Statement to the Nirvana Community

To the Nirvana investors & community:

On July 28, Nirvana suffered an exploit in which an attacker drained the reserves of approximately $3.5mm worth of stablecoins, which amounted to nearly all of the external assets in the system. This reserve collateral is the necessary backing for ANA & NIRV, without which the algorithmic properties of the tokens cease to function as designed.

We are employing every means available to restore the protocol. The steps taken so far are:

• The exploit was discovered in the code and fixed.
• The wallets involved were flagged. We offered the hacker a bounty in exchange for returning the funds. These terms have been communicated to the hacker’s address.
• The originating wallet was traced back to Huobi. Progress has been made with their internal security team to identify the individual associated with the attack. If the hacker will not return the funds, we will pursue them personally via the exchange.
• In case the hacker does not return the funds, other channels are being pursued to restore the missing reserve capital.

We will continue to provide updates as the situation progresses.

Our top priority is to recover the funds, with which the protocol may be restored. When we are in a position to restore the protocol, and can then put forth a concrete plan, the guiding principles of the plan will include fairness, transparency, and minimization of losses.