Elrond: DEX Maiar stopped short after the crash of the EGLD at $5 (-93%)

Elrond: DEX Maiar stopped short after the crash of the EGLD at $5 (-93%)

Terra bis repetita? – Since its launch in November 2021, the DEX Maiar on Elrond (EGLD) enjoyed growing success. This decentralized exchange has unfortunately just suffered a problem that strongly resembles a bearish attack (organized?) on its EGLD listing. To the point that the DEX was outright cut to avoid the worst.

Maiar attacked? In any case, the DEX had to be paused

When launched, the decentralized crypto exchange of Maiar did everything possible to attract investors to the project’s blockchain Elrond Network. In particular, it very generously distributed its utility token, the MEX.

Until this morning, the DEX Maiar was doing quite well despite a not very happy crypto market. But between 1h and 2h in the morning (French time) this Monday, June 6, 2022, the first worrying signs appeared, reported in particular on Twitter.

Of the massive sales several hundred thousand dollars ofEGLD followed each other at breakneck speed. Some amounts even have exceeded one million dollars (including 2 sales of EGLD against 5 million USDC).

Abnormally massive sales of EGLD on Maiar.
Twitter account @AnduTabacu

These concerns were quickly confirmed by the teams of the decentralized exchange platform. Beniamin Mincuco-founder and CEO of Elrond announcement as on his Twitter account:

“We are investigating a series of suspicious activity on the DEX Maiar. Everyone is the, on the bridge. We will make updates as soon as the analysis is clear. »

Suspicious activity against Maiar confirmed.
Twitter account @beniaminmincu

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An ultra-discounted $5 EGLD (but not everywhere!)

Before we see more about this supposed attack, let’s first see the effects. The price of the EGDL token on Maiair simply collapsed : it went from $75 to $5 in less than an hour. A dramatic drop in -93%!

EGLD crashes to $5 on Maiar.
Twitter account @Foudres_

Fortunately, such a move did not not been observed on other crypto-exchanges listing EGLD. On Binance for example, Elrond’s token went from around $75 to $71 (-5%) over this same period of time. It must be said that the exchanges were stopped on Maiar to avoid the domino effect.

Speaking of Binance, it appears that the “attack” was part of funds from the Changpeng Zhao crypto exchange. According to the twitter @Lightning_a smart contract would have been deployed, and would have allowed – according to him – to get 1.6 million EGLD!

“These 3 wallets are the ones that sold a huge amount of EGLD. They were created at the same time and received funds from Binance, then they deployed a smart contract (in blue), with a method called “deploy” with this one in green (I think). »

A well-prepared attack on Maiar?
Twitter account @Foudres_

As of this writing, the Maiar and Elrond teams have yet to provide an update on the post mortem of this strange affair. Handling market, operation of fault smart contracts? It is still far too early to draw definitive conclusions. In any case, it reminds us unpleasantly Bearish LUNA and UST outbursts on Terrawhich happened not even 1 month ago.

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