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Thursday, February 22, 2024

Elrond: The Maiar exchange shut down following an attack!

In the crypto markets, the past few weeks have reeked of panic. After the Terra trauma, the multiple problems encountered by the Solana blockchain, it is the Elrond ecosystem that seems to be subject to the law of series . In question, a potential attack on its Maiar exchange on the night of Sunday to Monday.

Maiar, victim of a bearish attack?

During the night from Sunday to Monday, the Maiar exchange seems to have been the victim of a coordinated attack on the EGLD token . Indeed, during the night, several massive sales took place almost simultaneously. Sales involving a total of several million dollars in EGLD. Two of these sales even exceeded 5 million dollars, thus blowing a wind of panic on the Elrond ecosystem.

On Twitter, the news quickly fueled fear. The sales screenshots follow one another and some then see the Terra episode relive and the inexorable fall to 0 of a stronghold of the crypto industry. In just a few minutes, the Twittersphere goes wild, prompting the Elrond team to react quickly. Through Benjamin Mincu, co-founder of the blockchain, Elrond reacts. Also on Twitter:

“We are investigating a series of suspicious activity on the DEX Maiar. Everyone is there, on deck. We will make updates as soon as the analysis is clear. “

Twitter is also investigating the attack!

For now, the nature of the attack remains unclear. Attempt at market manipulation, attack on smart-contracts? The hypotheses are still wide open . Be that as it may, the intention to harm the protocol seems very real.

To dig operations, some twittos have also actively investigated. And it would seem that three separate wallets have been specially created for the occasion. Fueled by funds from the Binance platform , these 3 wallets sold a large amount of EGLD with the aim of driving down the price of the token to buy it back at a much cheaper rate. As reported by the lightnings.eth Twitter account, which wanted to trace the transactions:

“These 3 wallets are the ones that sold a huge amount of EGLD. They were created at the same time and received funds from Binance, then they deployed a smart contract, with a method called “deploy”.”

What impact on the price of the EGLD token?

These massive sales had a considerable impact on the price of the EGLD token . But not on all platforms. Thus, on the Maiar exchange, the token simply collapsed. Going from 75 to less than 5 dollars in just a few minutes. But the contagion was avoided . On the Binance platform, the token lost only 5% of its value from 75 to 71 dollars. The contagion was therefore avoided, following the cessation of trading on the Maiar exchange.

As the chart below, offered by the Coinmarketcap platform, illustrates, the worst seems to have been avoided:

As of this writing, the EGLD token appears to be one of the few tokens in the top 100 to show an increase over the past 24 hours . If the increase is tiny (+0.11%), it is notable in a market context at half mast on Tuesday: – 5.58% over the same horizon.

This Tuesday evening, the Maiar exchange is still not accessible. Rumors are also swelling on social networks about the attack and the follow-up given to it. Because if Benjamin Mincu affirms that the funds could be recovered, the manipulation of the market could have allowed the payment of a bonus of bug to the opportunists having taken advantage of the fault.

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