Nirvana Finance founder recounts the ‘worst day’ of his life

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 03 2024

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Alex Hoffman Reveals Identity: Alex Hoffman, head of ecosystem at Superposition, discloses that he was the anonymous founder of DeFi protocol Nirvana Finance.
Nirvana Finance Hack: Nirvana Finance fell victim to a $3.5 million flash loan exploit two years ago, leading to the disappearance of all funds.
Hacker Arrested: Software engineer Shakeeb Ahmed was arrested after admitting to hacking Nirvana Finance and was sentenced to three years in prison.
Investigation Details: The investigation into the hack lasted 17 months and involved cooperation with Homeland Security and other agencies.
Protocol's Rise and Fall: Nirvana Finance saw rapid success but ultimately became insolvent, cautioning investors about trading its native token.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 0 indicators are flashing buy, while 5 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	55145.725	58828.002	62731.445	66413.722	70317.165	73999.442	77902.885
Fibonacci	58828.002	61725.747	63515.977	66413.722	69311.467	71101.697	73999.442

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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