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.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Blockchain Transaction Easily Explained! (Animated)
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.