New data from a blockchain security company reveals that the Web 3.0 sector suffered hundreds of millions of dollars worth of losses in the second quarter of this year. According to a new report by Beosin, Web 3.0 witnessed 48 major cyber attacks in Q2 with total losses of approximately $718.34 million. The blockchain security […]
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Popular analyst Michaël van de Poppe says one low-cap altcoin could see multiple 200% price rallies in the coming months amid surging volatility in the crypto markets. Van de Poppe tells his 609,200 Twitter followers that he’s looking at Fetch.ai (FET), a platform that aims to bring together technologies such as machine learning, artificial intelligence […]
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The DEX has been taken offline due to the discovery of the bug, and the team has implemented an “emergency fix” and update.
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 and CEO of Elrond, Beniamin Mincu, tweeted that he and his team were “investigating a set of suspicious activities” on the Maiar decentralized cryptocurrency exchange.
Soon after, the DEX was taken offline, with Mincu reporting that the issue had been identified and an “emergency fix” was being implemented.
In a Twitter thread posted almost 24 hours later at around 11:00 pm UTC on Monday, Mincu said a potentially critical bug was identified that opened “an exploit area that we simply had to address and mitigate immediately.”
The suspicious activities have been possibly identified and explained in a Twitter thread by pseudonymous on-chain analyst Foudres, who revealed that the potential attacker deployed a smart contract that somehow allowed them to withdraw over 1.65 million EGLD.
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.
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.
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.
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.
Related: DeFi attacks are on the rise — Will the industry be able to stem the tide?
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.
As previously reported by Cointelegraph, approximately $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.
Legislators in Panama are passing a new bill that regulates the use of leading digital asset Bitcoin (BTC) and eight other crypto assets. According to Panamanian Congressman Gabriel Silva, the Central American nation has passed legislation that permits unlimited use of nine cryptocurrencies as a means of payment for individuals, banks, and other businesses. “Crypto […]
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An Ethereum-based altcoin project designed to bring crypto payments to the mainstream is soaring after announcing a new milestone. The Metal Pay wallet app allows people to buy, sell and trade cryptocurrencies as well as send capital to acquaintances. The project’s central crypto asset, Metal (MTL), has more than doubled in price since April 11th, […]
The post Ethereum-Based Payments Altcoin Explodes 126% in Matter of Days As Bitcoin Breaks Above $41,000 appeared first on The Daily Hodl.
Crypto analyst and host of Altcoin Daily Austin Arnold is laying out his top crypto picks as the markets try to shake off a sluggish start to the year. In a new video, the closely followed trader tells his 1.19 million subscribers that he remains interested in Bitcoin (BTC) as an asset despite the massive […]
The post These Crypto Assets Have 10X Potential in 2022, According to Altcoin Daily appeared first on The Daily Hodl.
A popular crypto analyst and trader is laying out his predictions for a handful of leading crypto assets as the markets rebound. In a tweet to his 557,000 followers, Michaël van de Poppe says that greener pastures might be on the horizon for Bitcoin (BTC) if the leading crypto can hold the $42,000 support level. […]
The post Here’s What’s Next for Bitcoin, Ethereum, XRP and Two Additional Altcoins, According to Analyst Michaël van de Poppe appeared first on The Daily Hodl.
Cryptocurrency analyst and trader Michael van de Poppe is examining the potential entry points for one mid-cap Ethereum challenger and two additional altcoins. In a new video, Van de Poppe tells his 156,000 YouTube subscribers that he’s keeping a close watch on Algorand (ALGO), a cryptocurrency for payments and a blockchain for decentralized finance applications. […]
The post Mid-Cap Ethereum Competitor and Three Altcoins Entering Areas of Interest, Says Crypto Analyst Michael van de Poppe appeared first on The Daily Hodl.
