Stars Arena, the Avalanche-based Web3 social media platform, recently faced a significant security breach resulting in a $3 million loss of AVAX tokens. However, they’ve taken rapid measures to address this incident and ensure user trust.
On October 6, hackers infiltrated Stars Arena, stealing nearly 266,103 AVAX tokens, equivalent to almost $3 million. Investigations revealed these stolen funds were channeled to the Fixed Float crypto exchange. Responding promptly, Stars Arena urged users to halt deposits as they dived into resolving the breach.
The platform’s woes didn’t end there. Soon after acknowledging the exploit, Stars Arena’s website was hit by a DDoS attack. The team expressed their regret over these security lapses, stating, “We are deeply sorry for what happened. We’re actively working on solutions to ensure fund recovery and move the Arena forward.”
The team highlighted on October 7th in X Spaces that achieving a robust level of security will require additional time before they can proceed with relaunching the smart contract. Although the exact reopening date for the project remains somewhat uncertain, the team has assured that it will occur in the near future.
This isn’t the platform’s first brush with security vulnerabilities. Just a day before the $3 million hack, Stars Arena patched a loophole that saw them lose $2,000 worth of AVAX. Despite criticisms, the team remains undeterred, dismissing any concerns as “coordinated fud” and pledging to persevere.
In the broader landscape, Stars Arena is among the newer players in social finance, a niche that’s been growing since Friend.tech’s debut in August.
Source: https://cointelegraph.com/news/stars-arena-secures-funds-to-plug-exploit
Image: https://unsplash.com/photos/9nk2antk4Bw
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