Maiar decentralized crypto exchange goes offline after bug discovery

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Before 12 a.m. UTC on June 6th, Beniamin Minaku, CEO and co-founder of Elrond Network, tweeted That he and his team Maier were “investigating a set of suspicious activities” on the decentralized crypto exchange (DEX).

Exchange to Mincu . immediately after being taken offline with Reporting The issue was identified and an “emergency rectification” was being implemented.

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in a twitter thread Posted approximately 24 hours later on June 6 at around 11 a.m. UTC, Minaku said that a potentially critical bug had been identified that “opened up an exploit area that we had to address and mitigate immediately.”

Suspicious activity may have been identified and explained in a twitter thread The pseudonymous on-chain analyst “Foudress” revealed that a potential attacker deployed a smart contract that somehow allowed them to withdraw over 1.65 million Elrond (EGLD).

The three wallets were mysteriously able to withdraw 800,000, 400,000 and 450,000 EGLDs respectively, which at current prices would amount to approximately $113 million.

The attackers were able to sell approximately 800,000 EGLDs worth approximately $54 million, causing the price of EGLDs on the Maier DEX to drop from $76 to around $5. The rest of the crypto is either still held in various wallets, bridged to USD Coin (USDC) and Ether (ETH), or was sold on centralized exchanges.

EGLD price declined 9.5% from $74 to 24-hour low at $65.50, but has since traded near $68.

Minku said in its update that an upgrade was implemented to fix the bug and a technical explanation will be provided after clarification that the implemented solutions are tested and working.

related: DeFi attacks are on the rise – will the industry be able to stem the tide?

He claimed that all funds are safe and will be available when the DEX resumes, which is scheduled for tomorrow evening, adding that most of the exploited funds have either been fully recovered or covered by the Elrond Foundation. Will be done.

As previously reported by Cointelegraph, approximately $1.6 billion worth of cryptocurrencies were stolen from DeFi platforms in the first quarter of 2022 and over 90% of all stolen cryptocurrencies were hacked through decentralized finance (DeFi) protocols such as DEX. is from.

Maier Exchange, a decentralized exchange (DEX) native to the Elrond blockchain, has been temporarily taken offline after an attacker accessed an exploit with an EGLD worth approximately $113 million.