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Suspected exploit shuts down Elrond’s Maiar DEX

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Elrond (EGLD) CEO Benjamin Mincu On June 6, tweeted about “suspicious activities at Maiar DEX”.

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NFT project Elrond Lucky Birds founder Andu Tabaku shared the details of his findings by posting screenshots of EGLD traded for USDC based on blockchain explorer data.

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Tabaku suspects it was an exploit, possibly related to “lottery-type smart contracts.”

“This could be an exploit of Maiar DEX or SC asynchronous calls (an issue previously reported by some developers of lottery-type smart contracts)“.

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So far there has been no confirmation of this from Elrond. However, Minku said that as his team had a better understanding of the situation, further updates would follow.

Elrond token is under pressure from sellers

The EGLD token fell sharply after the announcement, bottoming out at $66.09 before the bulls stepped in to push the price up. The hourly price action since then shows the formation of an uptrend pattern, but EGLD is still trading below the price prior to Minku’s tweet.

Elrond's hourly chart
Source: EGLDUST on TradingView.com

The price decline comes amid a broader rally in the cryptocurrency market that has been observed $68.4 billion inflows to total market capitalization in the last 24 hours.

ELGD and PAX Gold (PAXG) are the only tokens in the top 100, with the exception of stablecoins, which have fallen in the last 24 hours. PAXG is a gold-backed ERC-20 token that tracks the price of gold in dollars per ounce and should not be seen as being linked to broader cryptocurrency price movements.

What’s new about the situation?

Around 5:00 GMT on June 6, Minku posted the first update, stating that the issue had been identified and the developers were “working on an emergency fix.” He also thanked the Elrond community for their support during this time.

Minku posted another update a few hours later and confirmed that the fix was rolled out.

Maiar Exchange was still offline at the time of posting and the error page said that users’ funds are safe and “rewards will continue”.

Maiar exchange home screen
Source: maiar.exchange





Credit : cryptoslate.com

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