Suspected exploit shuts down Elrond’s Maiar DEX

? Want to work with us? CryptoSlate is hiring for a handful of positions!

Elrond (EGLD) CEO Beniamin Mincu tweeted about “suspicious activities on the Maiar DEX” on June 6.

NFT project Elrond Lucky Birds founder Andu Tabacu shared details of his findings by posting screenshots of EGLD being sold for USDC, based on data from the blockchain explorer.

Tabacu suspects this was an exploit possibly related to “lottery type smart contracts.”

“This might be an exploit of the Maiar DEX or SC async calls (problem reported earlier by some devs on Lottery type Smart-Contracts).”

So far, there has been no confirmation of this from Elrond. However, Mincu said further updates will follow as his team understands the situation better.

The Elrond token comes under sell pressure

The EGLD token took a sharp dip following the announcement, bottoming at $66.09 before bulls stepped in to drive the price higher. Hourly price action since shows an uptrend pattern forming, but EGLD is still trading below the price before Mincu’s tweet.

Elrond hourly chart
Source: EGLDUST on

The decline in price comes amid a wider crypto market rally that has seen $68.4 billion of inflows into the total market cap over the last 24-hours.

ELGD and PAX Gold (PAXG) are the only tokens in the top 100 — excluding stablecoins — that are down over the last 24-hours. PAXG is a gold-backed ERC-20 token that tracks the dollar per ounce price of gold and should be considered unconnected with broader crypto price movements.

What’s the latest on the situation?

At around 5 am GMT on June 6, Mincu posted the first update, saying the issue has been identified and devs are “working on an emergency fix.” He also thanked the Elrond community for their support during this time.

Mincu posted another update a few hours later and confirmed a fix was deployed.

Maiar exchange was still offline as of press time, with an error page stating that user funds are safe and “rewards will continue.”

Maiar exchange home screen
Posted In: DEX, Hacks, Rumors