Hackers hacked into the Elrond network and stole $1,65 million
The attackers sold part of the stolen assets on the Maiar crypto exchange, causing the EGLD token rate to drop by 92% on this platform
07.06.2022 - 12:50
465
2 min
0
What’s new? Hackers hacked into the Elrond Layer 1 (L1) network and stole over $1,65 million worth of the project’s native tokens EGLD. The attackers sold some of the stolen assets on the decentralized exchange Maiar, causing the EGLD rate to plummet by 91,5% from $75 to $6,4 on this platform, a Twitter user under the nickname foudres.eth reported. As a result, Maiar suspended operations of the platform and its related APIs. Its representatives reported that customers’ funds are safe and rewards will continue to be paid.
There was a security breach in Elrond, a L1 network. Hackers obtained nearly $1.65 million EGLD for free, and sold them through Maiar DEX, resulting in a 92% drop. At present, the official has suspended DEX and related APIs. https://t.co/Odv0Yi0JQV— Wu Blockchain (@WuBlockchain) June 7, 2022
How did events develop? User foudres.eth said that three crypto addresses that sold a “huge amount” of EGLD tokens were the cause of the disruption. The wallets were created at the same time and also received funds from the Binance exchange. They then deployed a smart contract, after which they received more than 1 600 000 tokens using the withdraw function. It remains unknown how the hackers were able to withdraw such a large amount of funds with just one transaction.
As for the Elrond hack, some developers believe a vulnerability in the liquidity of the wEGLD and EGLD smart contracts was the cause.
As of June 7, 14:45 UCT, the EGLD token is trading at $68,35, according to Binance.
Hackers previously exploited a re-entry vulnerability in Rari Capital’s Fuse pools lending protocol and withdrew more than $80 million.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 532
BTC
+0.19%
-
Ethereum
$3 344.97
ETH
+0.42%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.58
XRP
+14.46%
-
Dogecoin
$0.408356
DOGE
+6.16%
-
Cardano
$1.1
ADA
+25.56%
-
Stellar XLM
$0.446472
XLM
+55.88%
-
Bitcoin Cash
$553.41
BCH
+12.6%
-
Polkadot
$7.11
DOT
+14.91%
-
Litecoin
$101.4
LTC
+11.37%