Binance Crypto exchange Stops EGLD Network After Hacker Stole $1.65M

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Binance Suspends EGLD Network After Hacker Stole $1.65M

  • Binance  exchange has stopped the withdrawal and deposit function of the (EGLD) on its platform.
  • Attackers stole $1.65 Million worth of EGLD tokens.
  • EGLD trades at $67, having -17 percent value in the last 7 days.

Binance Crypto exchange, the largest digital currency exchange, has announced that it has stopped the withdrawal and deposit function of the Elrond (EGLD) network on its platform.

This notice came via its official Chinese page in the early hours of 8, 2022. Binance Crypto exchange stated the action was necessary due to potential security issues on the EGLD network. The took effect from 08:11 on June 06, 2022.

At present, Binance Crypto exchange is in active communication with the EGLD team to fix the issue as soon as possible.

The exchange pointed out that it will resume the deposit and withdrawal when the EGLD network is running stably without further announcement.

The Elrond network came under on June 6, 2022. As reported by Wu Blockchain, a Twitter page run by reporter Colin Wu, the attackers successfully siphoned free EGLD crypto tokens to the tune of $1.65 Million. The attackers went ahead to these crypto tokens on Maiar decentralized exchange (DEX), which led to a 92 percent collapse of the EGLD crypto token. At present, Maiar has stopped its DEX and related APIs.

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As reported by a cryptocurrency analyst on Twitter, the sabotage of the EGLD network was orchestrated by 3 new cryptocurrency . They stated the 3 wallets received, 800k, 400k, and 450k EGLD after a smart contract deployment. Nonetheless, it was not clear where exactly the funds came from.

At the time of publication, EGLD trades at $67. The recent attack puts its seven-day trading percentage at -17%. EGLD ranks between the top 50 digital currencies with a market capitalization slightly over $1.5 billion. It attained an high of $542 7 months ago. It has lost over 87 percent of its  price since then.

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