What is 9822?
For those who are unaware, a previously private exploit, nicknamed "9822", has been leaked recently. In short, this exploit effectively acts like a frame-switch and allows players to lower their FPS at will. Here is a video that fully explains the glitch in you're curious.

The implications of a frame-switch
Elden Ring works best when it is running at a smooth, consistent framerate. When the framerate fluctuates too much, weird interactions happen. (ex. Able to escape true combos, or make two subsequent attacks inescapable that would otherwise be rollable in a constant framerate.) Such a drastic frame drop such as the one the frame switch can perform on demand will break the game even further. This includes infinite I-frames for the duration of the roll, and making any attacks unreactable.

Why I don't believe it to be the "ER Killer" people make it out to be
The biggest concern that I see people have with this exploit, is that it is very subtle and pretty much indistinguishable from normal lag. However, there are already multiple exploits or ways of cheating that are pretty much undetectable that exist in the game, and although they are definitely harming the experience for everyone, they are not "killing" the game in any significant way.

Frame-switching is not "stealthy" like stat hacking. Despite it being indistinguishable from normal lag, you can still tell when someone might be using it with some common sense. For example, if the connection has been good and suddenly your opponent started to lag in a way that benefitted them. If you believe your opponent is using this exploit, I would recommend blocking them. Even if they were just lagging normally, you just prevented yourself from getting matched with a laggard again.

What you can do to help

  1. Not using the exploit. The most obvious one, frame-switch hurts the experience for everyone.
  2. Tell your friends about it. The more well-known this issue becomes, the more likely FromSoft will take action. Yes, this will mean that more people will be abusing it, which really cannot be prevented at this point, but at least the people who decide to ruin others' experiences will be contributing to the awareness raising.
  3. Submit a ticket. This is probably the most direct way you can help the exploit to be fixed faster. Go to the Bandai Namco Support Site and submit a ticket on this exploit. You will need to create a Bandai Namco account but it shouldn't take all that long. Name the subject "Elden Ring Frame-Switch Exploit" and in the description, link the youtube video explaining the glitch (Link: https://www.youtube.com/watch?v=qutsGGA_-hY) with some brief text explanation.
    Oh and while you're at it, why not also make a ticket on aim punch?