Decentralized exchange Maiar has been switched off after hackers attacked the platform and stole about $113 million worth of EGLD tokens.
The allegedly stolen funds were withdrawn in stashes of 800,000, 400,000, and 450,000 EGLD. The bad actors managed to sell 800,000 worth of EGLD, causing the price of EGLD on Maiar to plunge.
The co-founder and Chief Executive Officer of Elrond, Beniamin Mincu, says that his team was probing various suspicious activities on the DEX. Mincu notes that a bug opened the exploited area, where the attackers deployed a smart contract enabling them to siphon the funds.
The Elrond-based DEX has announced that the vulnerability has been marked after the platform was taken offline, with an emergency solution already implemented.
EGLD tokens have dropped 9.5% in the past 24 hours from $74 to $65.5 before recovering to trade at $68.
Investigating a set of suspicious activities on the Maiar DEX.— Beniamin Mincu 🔥🌓 (@beniaminmincu) June 5, 2022
We are here, all hands on deck.
Will update as soon as analysis is clear.