Maiar Exchange, the decentralized exchange (DEX) of blockchain platform Elrond, was temporarily disabled after an attacker used an exploit that stole EGLD.
Elrond CEO and Co-Founder Beniamin Mincu reported
on Twitter that he and his team had discovered and were “investigating a number of suspicious activities” at the Maiar site. Shortly after the message, an emergency emergency protocol was initiated and all functionality of the exchange was turned off. Minku informed users that a potentially critical bug had been discovered that “opened an exploit area and required immediate fixes”.
Suspicious activities, a little later, were identified on behalf of the network analyst Foudres.eth as the actions of a potential attacker who deployed a smart contract that allowed the withdrawal of more than 1.65 million Elrond (EGLD) from Maiar DEX.
Foudres revealed three wallets that sold 800,000, 400,000 and 450,000 EGLD, respectively, for a total of nearly $113 million at current prices.
Before the Elrond team stopped operations at Maiar DEX and put the platform into maintenance, EGLD lost 92% of its value, falling from $76 to $5.
Foudres expressed concern that the original origin or source of the EGLD used in the Maiar DEX attack has not yet been identified, as no incoming transactions have been detected:
“I hope it’s not a blockchain flaw that allowed the creation of unrecorded EGLDs.”
Beniamin Mincu stated that all funds of the exchange’s clients are safe and will be available after the restart of the DEX, scheduled for the evening of June 8th. The CEO reassured the victims, saying that most of the stolen funds are either fully recovered or will be covered by the Elrond fund.
On Tuesday, June 7, it became known that the developers of Solana fixed a bug that had already led to the blocking of the blockchain several times.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
