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EDE Exploit: El Dorado Exchange Vulnerability Reveals $580,000 Loss

In recent developments, $EDE The El Dorado Exchange DEX (Decentralized Exchange) have fallen victim to an exploit, resulting in losses of approximately $580,000. This incident has raised concerns within the cryptocurrency community regarding the security and trustworthiness of the platform.

The Exploit

The exploiter, using the wallet address 0x80826e9801420e19a948b8ef477fd20f754932dc, employed a clever strategy to carry out the exploit. Funds were sent in smaller amounts to the ELP-1 pool in Arbitrum, a layer 2 scaling solution for Ethereum, and then swiftly withdrawn in larger sums. This allowed the exploiter to take advantage of the price discrepancies and maximize their gains.

The Message from the Exploiter

Interestingly, the exploiter has sent a message stating, “Hello, I am not blackhat.” This cryptic message adds an element of intrigue to the incident.

Allegations against EDE Admins

A new message has surfaced, claiming that the EDE administrators themselves are involved in the exploit. According to the message, the administrators created a bot capable of forcefully liquidating any chosen position whenever they desire. The message urges readers to approach the admins and inquire about this alleged bot, questioning the honesty and integrity of the platform. However, these claims are yet to be substantiated and require further investigation to determine their validity.

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