How Long For Elrond’s Maiar Exchange Revival After Security Threat?

More than 36 hours after the Maiar exchange suffered a security compromise, the Elrond team gave a tentative update on its revival. The price of eGold, Elrond’s native token, began dropping on Monday after the team announced about the bug.

Elrond Revival Soon

Following this, Beniamin Mincu, founder and chief executive officer of Elrond, informed his team was working on an emergency fix. In a latest update on the situation, he said the APIs and the Maiar exchange could be up very soon. He informed in a tweet,

“Solutions fully implemented, final tests being performed. APIs and DEX to be resumed during the next 4-8 hours. Hard times, we appreciate all the support. And are ready to move forward. Together.”

Mincu stated that the investor funds are safe. The problem has been identified, a solution has been deployed and we are ready to resume key modules, he added.

Exploited Funds Recovery

In a recent update on the extent of funds exploited during the compromise, the Elrond team issued a positive statement. It said most of the exploited funds were back in their control.

“A further step of recovery ensures verification checks of all balances on the Maiar exchange & Bridge. Most exploited funds have been either recovered in full, or will be covered by the Elrond Foundation. This means funds are safe, and all funds will be available in full at restart.”

Interestingly, the CEO said that these types of security crisis will hit all blockchains and probably all DApps. The only focus should be on how to resolve the issue.

The recovery plan is ready and come what may, the network and the Maiar exchange will continue to operate, he said. We will then be ready to move forward with exciting updates, he added.

Meanwhile, the current price of eGold stands at $68.17, according to CoinMarketCap. Compared to Monday’s levels, eGold price remained flat going up by just 0.06% in the last 24 hours.

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

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