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Maiar DEX Loses $113 Million Worth of EGLD After Going Offline

Maiar DEX Loses $113 Million Worth of EGLD After Going Offline

A decentralized exchange (DEX) dubbed the Maiar Exchange suffered from a massive hack as it lost around $113M worth of Elrond eGold (EGLD).

On June 5, founder and CEO of Elrond Network Beniamin Mincu announced that his team was “investigating a set of suspicious activities on the Maiar DEX.” After a short period of time, the Maiar Exchange completely went offline. However, Mincu stated that the bug was found and the whole crew managed to put the DEX back online.

Supposedly, the issue opened “an exploit area that we simply had to address and mitigate immediately.” However, it was a little too late as the potential hackers exploited the loophole and managed to steal about 1.65 million of the native Elrond blockchain tokens dubbed EGLD.

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According to one of the blockchain researchers going by the nickname Foudres, the attackers deployed a smart contract and utilized three wallets to steal a significant amount of funds from the DEX - 800,000, 450,000, and 400,000 EGLD, estimated at $113M.

On top of that, Foudres explained that the hackers managed to sell 800,000 EGLD, worth roughly $54M. As for the other part of crypto, it was supposedly sold on various centralized exchanges, bridged to Ether (ETH) or USD Coin (USDC), or is still stored in a number of different wallets.

However, Mincu implied that a significant portion of stolen funds was already recovered or “will be covered by the Elrond Foundation.” This means that they are now stored in a safe place and will be available at the restart that is expected to occur after the price of the exchange matches the EGLD price on Binance.

As of now, the price of EGLD is $66.77 with a 24-hour trading volume of $74,916,070, as it's up 0.74% in the last 24 hours.

It seems as though hackers are not stopping and breaching various crypto projects despite the ongoing development of security protocols. For instance, earlier this year, the Ronin Network announced that its protocol was hit by a major hack that cost 173.6K ETH and $25.5M worth of USDC.

On top of that, last week, Yuga Labs stated that two of its NFT offerings OtherSide and BAYC discord servers were hacked as investors lost 200 ETH worth of NFTs, valued at $360.000. 

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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