Dec. 31 Illuvium’s official Discord channel was phished by attackers who directed users to a website pretending to be Illuvium’s NFT platform. This caused approximately $150,000 of losses.
A week later, Illuvium discovered a flaw in Illuvium staking contracts that allowed attackers unlimited $sILV.
These attacks caused Illuvium to drop its trading volume significantly. It was ranked #7 in volume rankings and now it is #32.
Will Illuvium be able to regain its trading volume, thanks to its liquidity mining and secured collateral features that made it one the most popular gaming projects of all time (without any gameplay yet).
Will the attack affect the perceptions of the project, as it prepares for launching a beta version of its game?
It’s not even an actual game. Illuvium is so popular.
High-profile team
Illuvium, a distributed NFT collection and RPG combat gaming platform built on Ethereum, is called Illuvium. The game takes place on an alien world that is mysterious and can be explored. Players can also capture Illuvials, which are creatures that can be captured by the players.
Kieran Warwick and Aaron Warwick, the brothers of Synthetix founder Kain Warwick, are part of Illuvium’s founding group. They have over 7 years experience in cryptocurrency projects and have done extensive research to make this game a success.
Innovative Gameplay
Many elements of Illuvium are highly anticipated and have not yet been successfully executed in the pay-to-earn environment. Take, for example:
Adventuring: Players have the option to explore an alien world, form teams and capture Illuvials.
Battle arenas: Illuvials, or players, can fight one another in automatic battles to improve their skills. Players can also fight against one another, configuring their weapons to increase their chances for winning. You can also place wagers on matches.
Reward tokens with appreciation potential
Two types of tokens are available in the game: ILV or sILV.
ILV is the native token for Illuvium. sILV, a synthetic ILV token that can be used in-game to capture Illuvials, is an ILV token. sILV can’t be used to make inter-player transactions such as selling or buying Illuvials.
Footprint Analytics reports that ILV’s currency price has been rising since August 2021 when liquidity mining was opened. It reached its peak of $1,853 on November 30.
The delayed launch of Illuvium’s public beta led to a sharp drop in ILV. This was further compounded when attackers exploited a vulnerability and stole funds. Trading volumes were also affected.
Illuvium’s team quickly discovered and fixed the vulnerability. Illuvium’s team has suspended sILV casting to compensate those who have lost their money. The protocol was also protected by various security measures. These measures include:
Discord server performance, including identification of bad actors and inactive users to stop them sending fraudulent messages.
All users, except super administrators, can be removed from webhooks permission.
Security enhancements, including bug fixes and vulnerability mitigation, workflow improvement, and other features.
Abandoning the sILV. To replace the original token sILV V1, the team will create a new token called “sILV V2” to be used in the Staking V2 contract.
Summary
Although Illuvium is not yet alive, its well-known team and innovative gameplay have attracted attention from both players and attackers.
Illuvium’s team quickly acted to restore trust and resolve issues. These attacks have shown that users need security more than performance. This will become increasingly important as P2E gaming becomes mainstream.
