Last Monday, hackers took over 1.65 million Elrond tokens (EGLD) from the Maiar Exchange platform. However, the discovery of this breach in the security of the system did not have a large impact on the price of the token. This reflects the confidence that the Elrond community places in this project.
Elrond (EGLD), the quiet force
On the night of June 6, the Elrond project development team noted unusual activity on the Maiar cryptocurrency exchange.
In just a few hours, they managed to determine the origin of the malfunction and deployed a security patch on the main network. At the same time, they also suspended access to the trading platform and associated APIs.
The cyberattack, which could have triggered the EGLD’s share price crash, was handled very effectively in several respects. First of all, the vulnerability was detected very early, which allowed developers to react quickly.
Then, the transparency demonstrated by Beniamin Mincui, the CEO of Elrond, was an essential element of this crisis management. Indeed, when he was alerted, the latter immediately transmitted the news via his Twitter account. Additionally, he posted regular updates regarding the evolving situation. All this helped to reassure investors, who then intervened to stabilize the price of the token.
So, although the price of EGLD fell 9.5% in the hours following the hack, from around $73 to around $65, a well-executed communication strategy helped limit the damage. At the time of writing, the Elrond blockchain token is negotiate around $68.
Furthermore, following the actions taken, Mincu declared that all distracted funds were safe. He added that they will be available after Maiar is reactivated. He also clarified that most of the stolen assets have been recovered or will be reimbursed by the Elrond Foundation.
A brand image that improves over time?
In two years, Elrond has positioned itself among the leaders of blockchain in the world. The project has benefited from the support of many influencers, including the French youtuber Hasheur. But it also benefits from the reputation of its founder, who is very close to the community.
But above all, the startup knew how to play on its charms by presenting a unique value proposition. Its promise is to provide performance funds transfer similar to those of Visa. It targets up to 100,000 transactions per second (TPS) and almost zero fees.
In addition, the diversification of its services, in particular with the launch of the DeFi Maiar protocol, and the collaboration with leading players, also contribute to establishing its reputation in the cryptosphere.
Currently, the Elrond community has nearly 609,000 followers on Twitter, 63,000 members on Telegram and 16,000 followers on Reddit. At the same time, the EGLD token is monitored by more than 472,000 users of the CoinMarketCap platform.
For any blockchain project, the community of developers and investors is a major asset. In light of recent events, it is clear that those responsible for Elrond know how to take advantage of this resource. Perhaps that’s what Terra lacked to avoid the chaos of the past month.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.
We want to give thanks to the writer of this post for this amazing content
Despite the hack, the price of the Elrond (EGLD) cryptocurrency has not budged a bit
You can view our social media profiles here , as well as additional related pages here.https://metfabtech.com/related-pages/