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Illuvium Contract Suspected: Vulnerability Allows Hackers to Withdraw Coins in Large Quantities, Official Warns Against Purchasing sILV, Coin Price Drops by 99%

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Illuvium Contract Suspected: Vulnerability Allows Hackers to Withdraw Coins in Large Quantities, Official Warns Against Purchasing sILV, Coin Price Drops by 99%

The highly anticipated popular blockchain game Illuvium (ILV) is reported to have a contract vulnerability. Twitter user @spreekaway stated that there is a loophole in the staking contract, allowing malicious hackers to acquire a large amount of Escrowed Illuvium (SILV) over the past 1.5 months, and they have been slowly selling it off.

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The highly anticipated blockchain game IlluviumILV has reportedly suffered from a contract vulnerability. Twitter user @spreekaway has indicated that there is a loophole in the staking contract, allowing malicious hackers to acquire a large amount of Escrowed Illuvium SILV over the past 1.5 months, and they have been gradually selling it off.

sILV is one of the reward tokens for staking ILV, which does not require locking and can be used to purchase in-game items in the future.

According to tweets from The Block researcher Igor, suspicious on-chain transactions indicate that one billion sILV was transferred out of Illuvium's contract, suggesting possible hacker activity.

After @spreekaway's disclosure, Illuvium's official account warned users not to buy tokens from the sILV pool, acknowledging a security vulnerability that allowed attackers to steal funds. The team is currently working on addressing the issue.

The official announcement from Illuvium on Twitter mentioned that they would take a snapshot of true sILV holders for compensation. They emphasized that the sILV pool was not officially established by them, but they would ensure the financial security of token holders to prevent losses in this attack.