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
432
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?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024