Technology

Decentralized Crypto Exchange Offline After Hacker Steals $113M

Hackers found a flaw in a decentralized crypto exchange and exploited it to steal an estimated $113 million. On Sunday, the founder and CEO of Maiar—a decentralized exchange (DEX) that bills itself as “the future of money”—and the Elrond blockchain that it runs on, wrote on Twitter that he and his team were “investigating a set of suspicious activities on the Maiar DEX.” As it turned out, the suspicious activities were those of hackers. On Monday, Mincu published a Twitter thread detailing the incident. In the thread, Mincu said “a bug was discovered and exploited,” and that the team was now working on recovery of the DEX and had patched the bug. The developers took the exchange offline shortly after discovering the hack, according to Mincu. The exchange’s website currently says it is in “scheduled” maintenance. But, at that point, the hackers had already done the damage. According to a blockchain researcher who goes by Foudres, the hacker stole around 1,650,000 EGLD, the native token of the Elrond blockchain, with around $113 million at the time of the hack.

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