Native Elrond Token Drops 7% As Maiar DEX Goes Dark

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  • The main DEX deployed on the Elrond network has been taken offline amid an investigation into “suspicious activity”
  • The native DEX token fell over 90% late Sunday night while the Elrond Network token fell 7%

The native token belonging to smart contract platform Elrond Network lost more than 7% of its value on Sunday as Maiar, the decentralized exchange deployed on Elrond, was placed in maintenance.

Founder and CEO of Elrond, Beniamin Mincu, tweeted His team was investigating “suspicious activity” on Maiar on Sunday and would provide an update “soon”.

Blockworks confirmed that Maiar went offline through “scheduled maintenance” with an accompanying message on its site saying “operations will resume shortly.” The exchange went offline for more than three hours.

Speculation is mounting, with some Elrond users alleging potential to exploit.

The Elrond token (ELGD) and native Maiar DEX token (MEX) are down on the day as the MEX has yet to recover from a massive price drop where it lost 90% of its value late Sunday night.

ELGD remains down around $75 seen at 21:00 UTC at $72.30.

Launched late last year, Maiar coincided with a liquidity incentive program totaling $1.29 billion in MEX tokens in a bid to boost activity on the new exchange. The smart contracts built for Maiar and deployed on Elrond were touted at launch as having undergone “rigorous auditing and formal verification”.

Blockworks attempted to contact the Elrond team but did not receive a response by press time.

This story is developing and will be updated accordingly.


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  • Sebastien Sinclair

    blockages

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior reporter for Blockworks operating in Southeast Asia. He has experience covering the crypto market as well as some developments affecting the industry including regulation, business, and mergers and acquisitions. It currently does not hold any cryptocurrency. Contact Sébastien by e-mail at [email protected]

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