A newly deployed VM function executeOnDestContextByCaller allowed attackers to steal 1.65M EGLD (~$113M) and convert 917k to WEGLD, creating unbacked WEGLD in circulation. The team recovered the illegal WEGLD and burned it, restoring the 1:1 backing ratio with two mainnet upgrades.

The blockchain network Elrond is suspected of having a security breach, and hackers "obtained" nearly 1.65 million $EGLD "out of thin air" and sold it through the decentralized exchange Maiar. On June 8, Elrond founder and CEO Beniamin Mincu tweeted that the previous bug has been resolved, all funds and users are safe, and almost all stolen funds have been recovered.