• Binance has temporarily suspended the Elrond Network (EGLD), withdrawal and deposit functionality on its platform.
• Hackers took $1.65 Million worth of EGLD tokens.
• EGLD is trading at $67 after losing -17% in the past seven days.

Binance is the world’s largest cryptocurrency exchange and has just announced it had suspended withdrawals from the Elrond Network (EGLD).

The official Chinese page announced the news in the wee hours of June 8, 2022. Binance stated that the suspension was required due to security concerns on the EGLD network. It was lifted at 08:11, 06/06/2022

Binance, at this time is actively in communication with the EGLD Project team to solve the issue as quickly and efficiently as possible.

It was noted by the exchange that withdrawal and deposit services will be resumed when the EGLD network runs stably, without any further announcement.

Attacks were made on the Elrond network June 6, 2022. Wu Blockchain is a Twitter account run by Colin Wu. The page contains information about how hackers took $1.65million worth of EGLD tokens. They then went on to sell the tokens via Maiar DEX, which resulted in a 92% decline of the EGLD token. Maiar suspended the DEX APIs and has now suspended all related APIs.

Twitter analyst, a crypto analyst said the three new wallets were responsible for the sabotage and theft of the EGLD networks. After a smart contract deployment, they claimed that the wallets had received 800k, 400k and 450k EGLD. It was unclear where the money came from.

EGLD currently trades at $67 as of the writing. The latest attack has lowered EGLD’s seven-day trading ratio to -17%. EGLD is among the 50 most popular cryptocurrencies, with a market capital slightly more than $1.5 billion. The cryptocurrency reached an all time high of $542 in seven months. The value of the stock has dropped by 87% since that time.

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