The Maiar Exchange, a decentralized exchange (DEX) indigenous to the Elrond blockchain, continues to be temporarily taken offline after an assailant utilized an exploit making served by roughly $113 million price of Elrond eGold (EGLD).
Minutes before 12:00 am UTC on Monday, the co-founder and Chief executive officer of Elrond, Beniamin Mincu, tweeted that he and the team were “investigating some suspicious activities” around the Maiar decentralized cryptocurrency exchange.
Right after, the DEX was taken offline, with Mincu reporting that the problem have been identified as well as an “emergency fix” had been implemented.
Inside a Twitter thread published almost 24 hrs later around 11:00 pm UTC on Monday, Mincu stated a potentially critical bug was identified that opened up “an exploit area that people simply needed to address and mitigate immediately.”
The suspicious activities happen to be possibly identified and described inside a Twitter thread by pseudonymous on-chain analyst Foudres, who revealed that the possibility attacker deployed a good contract that in some way permitted these to withdraw over 1.sixty five million EGLD.
Three wallets could mysteriously withdraw 800,000, 400,000 and 450,000 EGLD, correspondingly, which at current prices may be worth nearly $113 million as a whole.
The attackers could sell around 800,000 EGLD, worth around $54 million, which caused the cost of EGLD on Maiar to plummet from $76 lower close to $5. All of those other crypto is either still locked in various wallets, continues to be bridged to USD Gold coin (USDC) and Ether (ETH), or was offered on centralized exchanges.
The cost of EGLD dropped 9.5% from around $74 lower to some 24-hour low of $65.50 but has since slightly retrieved, now buying and selling near $68.
Mincu mentioned in the update that the upgrade was carried out to fix the bug along with a technical explanation could be provided after clarification the implemented solutions are tested and dealing.
He claimed that money is safe and will also be available once the DEX restarts, that is scheduled for Tuesday, saying most exploited funds happen to be either retrieved entirely or is going to be taught in Elrond Foundation.
As formerly as reported by Cointelegraph, roughly $1.6 billion in cryptocurrency continues to be stolen from decentralized finance (DeFi) platforms within the first quarter of 2022, and also over 90% of stolen crypto comes from hacked decentralized finance (DeFi) protocols for example DEXs.