Decoding why a halted DEX on Elrond Network sent ELGD rolling down a slope

Decoding why a halted DEX on Elrond Network sent ELGD rolling down a slope

Yesterday, following the detection of a “set of suspicious actions”, Maiar Exchange (Maiar Dex) a decentralized change deployed on the Elrond Network, was positioned beneath upkeep.

Beniamin Mincu, Founder and CEO of Elrond in a tweet put out earlier at present confirmed that his crew already launched an investigation into the suspicious exercise detected on Maiar Trade and would supply an replace quickly.

Speculating on the character of the suspicious exercise detected, users of the platform consider that it could be an “exploit of the Maiar Dex or SC async calls” by means of the detection of a method to “disguise some transactions/name funds out of nowhere” on the community.

At press time, Maiar was offline as its web site couldn’t be assessed. Instantly following the downtime, each the Elrond Token (ELGD) and Maiar’s Native Token (MEX) suffered a critical decline in value.

Let’s check out efficiency within the final 24 hours.

Worth Reactions

Instantly the Mincu confirmed the announcement and knowledgeable customers that the Maiar change had been positioned beneath upkeep, and the ELGD lodged a 7% decline in value. It marked a low of $71 minutes after Mincu’s tweet went up. Within the final 24 hours, the token was noticed registering a 5.10% decline. At press time, the token exchanged palms at $73.21.

Supply: Coinmarketcap

Toeing the same path, the MEX token was severely hit with a 90% loss in value minutes after the change went offline and the identical was confirmed by Mincu. The token went from an index value of $0.0000881 to 0.0000094 inside minutes after Mincu’s tweet went up.

Though a retracement adopted pushing the value upwards, the token nonetheless managed to report a 4.47% decline within the final 24 hours. At press token, this token bought for $0.00008556 per MEX token.

Supply: Coinmarketcap

Though recording a 221.33% leap in buying and selling quantity within the final 24 hours, the decline in value and the place of the Relative Power Index (RSI) for the ELGD token hinted at an elevated promoting strain on the time of writing. The RSI stood at 36.53 under the 50 impartial area. 

Supply: TradingView

With the value marked by an extended candle stick, the RSI for MEX was noticed resting deeply in an oversold place of 13 at press time. Within the final 24 hours, the buying and selling quantity declined by 35.36%.

Supply: TradingView

On-Chain Evaluation

On-chain knowledge revealed that despite the value decline noticed within the final 24 hours, and the downtime on one of many platforms hosted on the Elrond Community, the event exercise of the ELGD maintained its excessive place. It was stationed at 72 on the time of writing.

Supply: Santiment

Equally, on a social entrance, the Social Quantity of the ELGD token noticed an uptick within the final 24 hours. It was noticed at 19 at press time. Social Dominance alternatively suffered a 16% decline.

Supply: Santiment

With the change nonetheless down over 12 hours after it was taken offline, the investor’s confidence could be exhausting to revive when it comes again on-line.



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