{"id":458866,"date":"2022-06-07T11:39:50","date_gmt":"2022-06-07T08:39:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/maiar-decentralized-crypto-exchange-goes-offline-after-bug-discovery\/"},"modified":"2022-06-07T11:39:50","modified_gmt":"2022-06-07T08:39:50","slug":"maiar-decentralized-crypto-exchange-goes-offline-after-bug-discovery","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/maiar-decentralized-crypto-exchange-goes-offline-after-bug-discovery\/","title":{"rendered":"# Maiar decentralized crypto exchange goes offline after bug discovery"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2739b98b204\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2739b98b204\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/maiar-decentralized-crypto-exchange-goes-offline-after-bug-discovery\/#%E2%80%9D_Maiar_decentralized_crypto_exchange_goes_offline_after_bug_discovery_%E2%80%9C\" >&#8221; Maiar decentralized crypto exchange goes offline after bug discovery &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Maiar_decentralized_crypto_exchange_goes_offline_after_bug_discovery_%E2%80%9C\"><\/span>&#8221; Maiar decentralized crypto exchange goes offline after bug discovery &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2NhMDliYzgtOGQzMy00ZjczLWFmNGUtYTYwZGE1ZjdkYmFiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Maiar Exchange, a decentralized exchange (DEX) native to the Elrond blockchain, has been temporarily taken offline after an attacker utilized an exploit and made off with roughly $113 million worth of Elrond eGold (EGLD).<\/p>\n<p>Minutes before 12:00 am UTC on Monday, the co-founder and CEO of Elrond, Beniamin Mincu,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/beniaminmincu\/status\/1533598583001337863\">tweeted<\/a>\u00a0that he and his team were \u201cinvestigating a set of suspicious activities\u201d on the Maiar decentralized cryptocurrency exchange.<\/p>\n<p>Soon after, the DEX was taken offline, with Mincu <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/beniaminmincu\/status\/1533658926557847552\">reporting<\/a>\u00a0that the issue had been identified and an \u201cemergency fix\u201d was being implemented.<\/p>\n<p>In a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/beniaminmincu\/status\/1533950568577781762\">posted<\/a> almost 24 hours later at around 11:00 pm UTC on Monday, Mincu said a potentially critical bug was identified that opened \u201can exploit area that we simply had to address and mitigate immediately.\u201d<\/p>\n<p>The suspicious activities have been possibly identified and explained in a Twitter thread by pseudonymous on-chain analyst Foudres, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/foudres_\/status\/1533702059001790465\">revealed<\/a>\u00a0that the potential attacker deployed a smart contract that somehow allowed them to withdraw over 1.65 million EGLD.<\/p>\n<p>Three wallets were able to mysteriously withdraw 800,000, 400,000 and 450,000 EGLD, respectively, which at current prices is worth nearly $113 million in total.<\/p>\n<p>The attackers were able to sell around 800,000 EGLD, worth around $54 million, which caused the price of EGLD on Maiar to plummet from $76 down to around $5. The rest of the crypto is either still held in various wallets, has been bridged to USD Coin (USDC) and Ether (ETH), or was sold on centralized exchanges.<\/p>\n<p>The price of EGLD dropped 9.5% from around $74 down to a 24-hour low of $65.50 but has since slightly recovered, now trading near $68.<\/p>\n<p>Mincu stated in his update that an upgrade was implemented to fix the bug and a technical explanation would be provided after clarification that the implemented solutions are tested and working.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>DeFi attacks are on the rise \u2014 Will the industry be able to stem the tide?<\/em><\/strong><\/p>\n<p>He claimed that all funds are safe and will be available when the DEX restarts, which is scheduled for Tuesday, saying most exploited funds have been either recovered in full or will be covered by the Elrond Foundation.<\/p>\n<p>As previously reported by Cointelegraph, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $1.6 billion in cryptocurrency has been stolen from decentralized finance (DeFi) platforms in the first quarter of 2022, and over 90% of all stolen crypto is from hacked decentralized finance (DeFi) protocols such as DEXs.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/maiar-decentralized-crypto-exchange-goes-offline-after-bug-discovery\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Maiar decentralized crypto exchange goes offline after bug discovery &#8220; The Maiar Exchange, a decentralized exchange (DEX) native to the Elrond blockchain, has been temporarily taken offline after an attacker utilized an exploit and made off with roughly $113 million worth of Elrond eGold (EGLD). Minutes before 12:00 am UTC on Monday, the co-founder&#8230;<\/p>\n","protected":false},"author":1,"featured_media":458867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2NhMDliYzgtOGQzMy00ZjczLWFmNGUtYTYwZGE1ZjdkYmFiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74877,74868,75916,127010,75917,74882,117,70944],"class_list":["post-458866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-decentralized-exchange","tag-defi","tag-dex","tag-elrond","tag-exchanges","tag-hacks","tag-business","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/458866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=458866"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/458866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/458867"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=458866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=458866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=458866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}