According to recent reports on Twitter by PeckShieldAlert, an anonymous hacker has successfully exploited the Bridge Contract on the Arbitrum (ARB) network. The hack enabled the attacker to mint billions of ELLEREUM (ELM) tokens and drain the Liquidity Pool (LP), resulting in a substantial amount of funds being stolen.
According to data on Arbiscan, the attacker was able to bridge 140 Ethereum (ETH) and transferred them to FixedFloat. This has led to concerns that the attacker could be looking to cash out their ill-gotten gains on a centralized exchange.
Earlier, reports emerged that a user had successfully exploited the Bridge contract on the network, allowing them to mint a massive 500 million ELM tokens and drain the liquidity pool. As a result, the network has urged its users to avoid carrying out any transactions or purchasing ELM tokens.
Furthermore, the team has confirmed that they will provide a detailed report about the exploit and have already taken a snapshot of the network to facilitate an airdrop of the ELM tokens to its users.
In response to the exploit on the Bridge Contract, the team has taken immediate action to protect the network’s users. They have disabled withdrawals and deposits from the game temporarily while investigating the exploit and working on a patch to address the vulnerability.
This swift action highlights the team’s commitment to maintaining the security and integrity of the network. The team is actively working to identify the source of the exploit and implementing measures to prevent similar incidents in the future.
The reports of the exploit on the Bridge Contract have had a significant impact on the price of ELM, which has been trading with a downward sentiment over the past 24 hours. The price has recorded a staggering decrease of 99.99%, and the token is currently being traded at $0.00005362.
