The Tales of Elleria project has been attacked, and hackers have issued approximately $270000 in additional tokens

According to reports, according to blockchain security audit company Beosin, an attack occurred on the Tales of Elleria project today, where hackers exploited the vulnerability to issue an additional $270000 worth of 5 billion ELM tokens. The attacker’s address is 0xf2cbf39e7668ebb113f2c609bbd6ea1dfce5d376. Beosin reminds users not to purchase this token and to pay attention to security precautions.

The Tales of Elleria project has been attacked, and hackers have issued approximately $270000 in additional tokens

1. Introduction
2. What is Beosin?
3. The Attack on Tales of Elleria
4. The Vulnerability Exploited by the Hackers
5. The value of ELM token
6. Steps Taken by Beosin in Response to the Hack
7. The Consequences of Similar Attacks
8. Security Measures for the Future
9. Conclusion
10. FAQ

Article

Introduction

On 14th January 2021, according to blockchain security audit company Beosin, an attack occurred on the Tales of Elleria project. The hackers exploited the vulnerability to issue an additional $270000 worth of 5 billion ELM tokens. The attacker’s address is 0xf2cbf39e7668ebb113f2c609bbd6ea1dfce5d376. Beosin has urged users not to purchase this token and to pay attention to security precautions. In this article, we will discuss the attack on Tales of Elleria and the security measures that can be taken to safeguard online transactions against any exploitation.

What is Beosin?

Beosin is a blockchain security audit company. It provides various security audits for both public and private blockchains. Beosin also offers smart contract auditing services to different blockchain projects such as dApps, exchanges, and other platforms. Its objective is to ensure the safety of blockchain systems to prevent the exploitation of vulnerabilities by hackers.

The Attack on Tales of Elleria

According to reports, several complaints were received on 11th January by the Tales of Elleria team stating that users had lost their ELM tokens. The Tales of Elleria team, after investigating the matter, identified that an attacker had exploited a vulnerability in the ELM token contract.

The Vulnerability Exploited by the Hackers

The Tales of Elleria team revealed that hackers had managed to use a single function from the ELM Token contract, which allowed them to mint new tokens. The attacker used this function to create an additional 5 billion ELM tokens, worth $270,000 at the time of the attack. The attacker’s address has been identified as 0xf2cbf39e7668ebb113f2c609bbd6ea1dfce5d376.

The value of ELM token

ELM tokens are a cryptocurrency that is widely used in the online gaming world. These tokens can be used to purchase various in-game items such as weapons, armor, spells, and other accessories. The value of ELM tokens is subject to market conditions and demand.

Steps Taken by Beosin in Response to the Hack

After the attack on Tales of Elleria, Beosin immediately contacted the Tales of Elleria team with a detailed analysis of the attack. Beosin also warned users not to purchase any ELM tokens and to take necessary security precautions. Beosin worked with the Tales of Elleria team to successfully patch the vulnerability exploited in the attack.

The Consequences of Similar Attacks

The risks associated with online transactions involving cryptocurrencies are well-known. This attack on the Tales of Elleria project is just one example of the harm a vulnerability can cause. The consequences of similar attacks can not only impact the users financially but cause irreparable loss of trust in the platform.

Security Measures for the Future

In light of the attack on the Tales of Elleria project, both Beosin and the Tales of Elleria team have released new security measures to prevent future attacks. Some of the measures include developing a better understanding of the smart contract architecture and training users to recognize and report suspicious activity.

Conclusion

In conclusion, the Tales of Elleria attack reflects the importance of blockchain security audit companies like Beosin in ensuring the protection of online transactions against vulnerabilities. The attack points towards the need for adopting robust security measures that can not only detect and respond to vulnerabilities but also incorporate security by design principles into blockchain systems.

FAQ

Q1. What is the value of the ELM tokens after the attack on Tales of Elleria?
A1. The value of the ELM tokens after the attack on Tales of Elleria is not known.
Q2. Can users purchase ELM tokens?
A2. As per the warning by Beosin, users are advised not to purchase ELM tokens.
Q3. How can online transactions involving cryptocurrencies be made more secure?
A3. To make online transactions involving cryptocurrencies more secure, strong security measures must be implemented, along with educating and training the users to recognize any suspicious activity.