The price of the Elrond Network native token, EGLD, has declined by 6% today, after the announcement that the Elrond team had begun investing in malicious activities on its main decentralized exchange (DEX), Maiar.
EGLD was last traded at $72.39, down 6.01% from a day’s highest of $77.48.
Elrond team investigation on Maiar DEX
Elrond Founder and CEO Beniamin Mincu stated that his team was looking into strange activities on Maiar so an update will be issued shortly.
Investigating a set of suspicious activities on the Maiar DEX.
We are here, all hands on deck.
Will update as soon as analysis is clear.
— Beniamin Mincu 🔥🌓 (@beniaminmincu) June 5, 2022
Mincu added in a subsequent tweet:
“We’ve identified a possible problem and are researching an emergency repair.”
Almost 7am here.
Team still focused on deck.
Identified the potential issue, and working on an emergency fix.
Will update again once fix is deployed.
P.S. Remarkable support from the Elrond community 🙌 https://t.co/98PpvlssGS
— Beniamin Mincu 🔥🌓 (@beniaminmincu) June 6, 2022
Elrond Network offline for 7 hours
The Elrond Network, as per sources, stopped working due to scheduled maintenance, along with a message on its website stating that activities will restart shortly. Unfortunately, the exchange has been down for about 7 hours. Meanwhile, rumours are flowing, with several Elrond followers claiming that the network has been hacked.
Elrond blockchain has not gone down there has been an attempted exploit on the Dex. This was stopped. Do not spread fud
— PlanZ⚡️herotag @cryptotaptor (@BoomerRang54) June 6, 2022
Elrond has convinced its clients that they will be updated once their systems are repaired.
Following the event, both EGLD and MEX, the native token of the Maiar DEX, are down, with MEX unable to recoup from a massive price drop. It lost about 90% of its valuation late Sunday evening.
Maiar, which launched late last year, unveiled a $1.29 billion liquidity incentive program to boost activity on the new exchange platform and drive DeFi acceptance beyond the crypto sector into the mainstream.
The smart contracts deployed on Elrond and those produced for Maiar were described as having undergone “thorough auditing and verification” at the point of their release.
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