No Peace in Nirvana

The stock and cryptocurrency market exploded higher this week after the FOMC raised interest rates 75 basis points. Bitcoin climbs back to the $24,000 level and Ethereum to $1700.

Alt coins investors were happy to see many outperforming Bitcoin and the rest of the market. Lets take a look at a few weekly gainers per CoinMarketCap:

• Ethereum: 9.26%

• BNB: 12.12%

• Polygon: 8.92%

• Uniswap: 28.41%

• Ethereum Classic: 60.67%

Investors are finally seeing some relief after many months of beating. The short term bounce could be the result of shorts sellers overextending themselves near the bottom. Could this be the end of the downward trend? Or is this a bear market rally?

No peace in Nirvana

Hackers strike again on the decentralized finance protocol, Nirvana. Built on the Solana blockchain, Nirvana was siphoned for roughly $3.5 million due to a complex flash loan attack. The hacker was able to move the stolen funds onto Ethereum afterwards where they will most likely launder through Tornado.cash.

Unfortunately, the hack caused the price of $ANA and the native stablecoin to plummet.

Most protocols are able to recover after a hack, but for smaller apps the consequences can be devastating. Many people often forget about the importance of security on the blockchain. Hacks happen so fast that once the issue is addressed, it's already too late.

With the rising frequency of hacks, could blockchain security be the next big sector in crypto?