{"id":239280,"date":"2022-06-07T03:00:23","date_gmt":"2022-06-06T21:30:23","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=239280"},"modified":"2022-06-06T18:48:39","modified_gmt":"2022-06-06T13:18:39","slug":"decoding-why-a-halted-dex-on-elrond-network-sent-elgd-rolling-down-a-slope","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/decoding-why-a-halted-dex-on-elrond-network-sent-elgd-rolling-down-a-slope\/","title":{"rendered":"Decoding why a halted DEX on Elrond Network sent ELGD rolling down a slope"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Yesterday, following the detection of a \u201cset of suspicious activities\u201d, <\/span><a href=\"https:\/\/maiar.exchange\/\"><span style=\"font-weight: 400;\">Maiar Exchange<\/span><\/a> (<span style=\"font-weight: 400;\">Maiar Dex)<\/span><span style=\"font-weight: 400;\">\u00a0a decentralized exchange deployed on the <\/span><a href=\"https:\/\/elrond.com\/\"><span style=\"font-weight: 400;\">Elrond Network<\/span><\/a><span style=\"font-weight: 400;\">, was placed under maintenance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beniamin Mincu, Founder and CEO of Elrond in a <\/span><a href=\"https:\/\/twitter.com\/beniaminmincu\/status\/1533598583001337863?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1533598583001337863%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Ftwitter.trello.services%2Ftweets.html7B22secret223A22tzyjyHu2ShZC7ohkZAwFMLklpFSQtQUSYCIfGIs5lvpYvmg75DRtr34uiq5aGKLz222C22context223A7B22version223A22build-174845222C22member223A226253e4291b80a55172965539222C22permissions223A7B22board223A22write222C22organization223A22read222C22card223A22write227D2C22organization223A2260fe1fbdb5fb7109a31d039b222C22board223A2261156304430c673037245e98222C22card223A22629d7fcfeef149307ae1a1bf222C22command223A22attachment-sections222C22plugin223A2255a5d917446f51777421000b227D2C22locale223A22en-US227D\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> put out earlier today confirmed that his team already launched an investigation into the suspicious activity detected on Maiar Exchange and would provide an update soon.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speculating on the nature of the suspicious activity detected, <\/span><a href=\"https:\/\/twitter.com\/AnduTabacu\/status\/1533638069458550784?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1533638069458550784%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fblockworks.co%2Felrond-native-token-drops-7-as-maiar-dex-goes-dark%2F\"><span style=\"font-weight: 400;\">users<\/span><\/a><span style=\"font-weight: 400;\"> of the platform believe that it might be an \u201cexploit of the Maiar Dex or SC async calls\u201d through the detection of a way to &#8220;hide some transactions\/call funds out of nowhere\u201d on the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, Maiar was offline as its website could not be assessed. Immediately following the downtime, both the Elrond Token (ELGD) and Maiar\u2019s Native Token (MEX) suffered a serious decline in price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s take a look at performance in the last 24 hours.<\/span><\/p>\n<h3><b>Price Reactions<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Immediately the Mincu confirmed the announcement and informed users that the Maiar exchange had been placed under maintenance, and the ELGD lodged a 7% decline in price. It marked a low of $71 minutes after Mincu\u2019s tweet went up. In the last 24 hours, the token was spotted registering a 5.10% decline. At press time, the token exchanged hands at $73.21.<\/span><\/p>\n<figure id=\"attachment_239287\" aria-describedby=\"caption-attachment-239287\" style=\"width: 1858px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap.png\"><img decoding=\"async\" class=\"wp-image-239287 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap.png\" alt=\"\" width=\"1858\" height=\"800\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap.png 1858w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap-1024x441.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap-768x331.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLD_1D_graph_coinmarketcap-1536x661.png 1536w\" sizes=\"(max-width: 1858px) 100vw, 1858px\" \/><\/a><figcaption id=\"caption-attachment-239287\" class=\"wp-caption-text\">Source: Coinmarketcap<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Toeing a similar path, the MEX token was severely hit with a 90% loss in price minutes after the exchange went offline and the same was confirmed by Mincu. The token went from an index price of $0.0000881 to 0.0000094 within minutes after Mincu\u2019s tweet went up. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although a retracement followed pushing the price upwards, the token still managed to record a 4.47% decline in the last 24 hours. At press token, this token sold for $0.00008556 per MEX token.<\/span><\/p>\n<figure id=\"attachment_239292\" aria-describedby=\"caption-attachment-239292\" style=\"width: 1858px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap.png\"><img decoding=\"async\" class=\"wp-image-239292 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap.png\" alt=\"\" width=\"1858\" height=\"800\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap.png 1858w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap-1024x441.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap-768x331.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEX_1D_graph_coinmarketcap-1536x661.png 1536w\" sizes=\"(max-width: 1858px) 100vw, 1858px\" \/><\/a><figcaption id=\"caption-attachment-239292\" class=\"wp-caption-text\">Source: Coinmarketcap<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Although recording a 221.33% jump in trading volume in the last 24 hours, the decline in price and the position of the Relative Strength Index (RSI) for the ELGD token hinted at an increased selling pressure at the time of writing. The RSI stood at 36.53 below the 50 neutral region.\u00a0<\/span><\/p>\n<figure id=\"attachment_239299\" aria-describedby=\"caption-attachment-239299\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40.png\"><img decoding=\"async\" class=\"wp-image-239299 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40.png\" alt=\"\" width=\"2560\" height=\"1318\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40-1024x527.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40-768x395.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40-1536x791.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/EGLDUSDT_2022-06-06_10-06-40-2048x1054.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-239299\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With the price marked by a long candle stick, the RSI for MEX was spotted resting deeply in an oversold position of 13 at press time. In the last 24 hours, the trading volume declined by 35.36%.<\/span><\/p>\n<figure id=\"attachment_239298\" aria-describedby=\"caption-attachment-239298\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44.png\"><img decoding=\"async\" class=\"wp-image-239298 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44.png\" alt=\"\" width=\"2560\" height=\"1210\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44-300x142.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44-1024x484.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44-768x363.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44-1536x726.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/MEXUSDC_2022-06-06_10-03-44-2048x968.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-239298\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h3><b>On-Chain Analysis<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">On-chain data revealed that in spite of the price decline observed in the last 24 hours, and the downtime on one of the platforms hosted on the Elrond Network, the development activity of the ELGD maintained its high position. It was stationed at 72 at the time of writing.<\/span><\/p>\n<figure id=\"attachment_239302\" aria-describedby=\"caption-attachment-239302\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022.png\"><img decoding=\"async\" class=\"wp-image-239302 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.58-06-Jun-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-239302\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Similarly, on a social front, the Social Volume of the ELGD token saw an uptick in the last 24 hours. It was spotted at 19 at press time. Social Dominance on the other hand suffered a 16% decline.<\/span><\/p>\n<figure id=\"attachment_239303\" aria-describedby=\"caption-attachment-239303\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022.png\"><img decoding=\"async\" class=\"wp-image-239303 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/06\/Elrond-EGLD-10.17.42-06-Jun-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-239303\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>With the exchange still down over 12 hours after it was taken offline, the investor&#8217;s confidence might be hard to restore when it comes back online.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday, following the detection of a \u201cset of suspicious activities\u201d, Maiar Exchange (Maiar Dex)\u00a0a decentralized exchange deployed on the Elrond Network, was placed under maintenance. Beniamin Mincu, Founder and CEO of Elrond in a tweet put out earlier today confirmed that his team already launched an investigation into the suspicious activity detected on Maiar Exchange<a href=\"https:\/\/ambcrypto.com\/decoding-why-a-halted-dex-on-elrond-network-sent-elgd-rolling-down-a-slope\/\">Continue reading <span class=\"sr-only\">&#8220;Decoding why a halted DEX on Elrond Network sent ELGD rolling down a slope&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":239305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,66,3,4,20],"tags":[2688],"class_list":["post-239280","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-new-news","category-news","category-social","category-trading-view","tag-maiar-dex"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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