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Jafrin Ahmed
Jun 7, 2022
by Jafrin Ahmed

Elrond-Based Maiar DEX Goes Offline After Security Breach

Maiar DEX

Table of contents

  1. $113M Worth EGLD Stolen from Maiar
On June 6, the CEO and co-founder of the Elrond Network, Beniamin Mincu, tweeted that he and his team were “investigating a set of suspicious activities” on the Maiar decentralized crypto exchange (DEX). Soon after the exchange was taken offline, Mincu reported that the issue was identified and an “emergency fix” was being implemented.

$113M Worth EGLD Stolen from Maiar

Elrond CEO Beniamin Mincu tweeted about “suspicious activities on the Maiar DEX” on June 6. Mincu posted the first update, saying the issue has been identified and that the devs are “working on an emergency fix.” He also thanked the Elrond community for their support during this time.

In a Twitter thread posted almost 24 hours later, Mincu said a potentially critical bug was identified and the issue has been fixed.

 

Mincu claimed that all funds are safe and will be available when the DEX restarts, which is scheduled for tomorrow evening, saying most exploited funds have been either recovered in full or will be covered by the Elrond Foundation.

Following the security breach, hackers took advantage of the situation with three wallets reportedly making off with nearly EGLD worth $113 million.

Following the news, the price of EGLD dropped down to 8.3% from the past 24 hours, but has since slightly recovered and is now trading at $67.

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Elrond-Based Maiar DEX Goes Offline After Security Breach
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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