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Cedric guessed it right; the Dread Lord was indeed playing with them—or whatever the equivalent of that is to a void creature, at least.
It knew of the people hiding in the cave; it just didn't know how many of them were there or how strong they were. And while it didn't feel any real threat coming from them, the hunter's nature deeply instilled in the Dread Lord made it approach the area carefully. That's why it continued skirting around the area without actually getting into the cave.
However, whatever plan, it has evaporated like fog at the appearance of the reinforcements.
Despite showing signs of intelligence, the Dread Lord is still a Void Creature, a race that is mostly dominated by their instincts. When provoked, all traces of intelligence vanished from it, reverting to its natural state.
However, that doesn't make void creatures weaker. If anything, they're far more dangerous in this state.
