Web3 game Tales of Elleria suffered an attack that saw over 140 ETH drained. The hacker targeted a function in the Arbitrum bridge contract.
Yet another attack has taken place in the DeFi space, this time a web3 game called Tales of Elleria. The latter was hacked for over 140 ETH, worth about $273,000.
The Tales of Elleria team announced over Twitter that a theft had taken place, one that exploited an Arbitrum bridge contract.
The team asked that no one buy the ELM token and has also suspended withdrawals and deposits from the game. The attack took place on April 19, and according to the team, the hacker exploited the bridge contract, minted 5 billion ELM, and proceeded to drain the LP.
The team is working on a plan to compensate victims of the attack and will provide details on this plan soon enough. Co-founder, COO, and CTO of the project, ‘Wayne,’ said that the attacker “seems to have generated his own signature and withdrew an obscene amt of $ELM, draining the LP.”
The hacker split the stolen amount across four transactions. The specific exploit is related to the recover function in the smart contract. As a result of the attack, the web3 game’s ELLERIUM (ELM) token price took a hit, losing 99% of its value.
What Is Tales of Elleria?
Tales of Elleria is a role-playing game that functions similarly to other such games of this kind. Players can take on the form of heroes, participate in quests, and earn rewards. The game also features NFTs, which bring additional value to players.
Tales of Elleria runs in the browser, and players can choose from different classes. The game is focused on PvE, not PvP, and players will visit different places in the world.
Arbitrum Facing Multiple Attacks
Bridge attacks are all too common in the crypto market, and there seems to be a heavy focus on Arbitrum in particular. One hacker stole $6.9 million from Lodestar Finance, which is an Arbitrum-based DeFi protocol. One hacker also managed to compromise some Arbitrum wallets to siphon ARB from those awaiting the airdrop.
Bridge attacks are a major target for hackers, and they will continue to appear in 2023, by the looks of it. Over $2.5 billion has been stolen this way between 2020 and 2022. They account for 50% of all exploits in the DeFi market.
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