Web3 game Tales of Elleria recently suffered an attack on April 19 of 2021, where a hacker managed to steal over 140 Ethereum, worth about $273,000. The thief targeted an Arbitrum bridge contract, exploiting a specific function. As a result of the attack, the game’s ELLERIUM (ELM) token price plummeted, losing 99% of its value.

Tales of Elleria is a role-playing game that operates in a browser, where players take on the form of heroes to participate in quests and earn rewards. It is designed as a PvE (Player vs. Environment) game and features collectible NFTs that bring more value to the players.

The team has requested no one purchase the ELM token while they work on a compensation plan for victims of the attack. They will provide more information in the near future on details of the reimbursement system.

These types of bridge attacks have become all too familiar in the cryptocurrency world, with Arbitrum being a particularly attractive target. In 2021 alone, a hacker stole nearly $7 million from Lodestar Finance, an Arbitrum-based DeFi protocol. In addition, another hacker was able to take ARB from wallets awaiting an airdrop.

Since 2020, bridge attacks have caused over $2.5 billion in theft, accounting for half of all exploits in the DeFi space. This indicates bridge attacks will remain a prominent attack vector during the rest of 2021. The Tales of Elleria team’s quick response in recognizing and addressing the attack has been praised by many in the community, and their plan for compensation is expected to receive a similarly positive reception.



Other News from Today