Avalanche-based Web3 social media app, Stars Arena, announced that it has secured funding to cover the $3 million vulnerability left by an October 6 exploit. The team also added that it will reopen the smart contract once a full security audit is conducted. happened.
In an announcement on
Important news: We have secured the resources needed to close the gap caused by exploitation.
In addition, a special white hat development team will come to quickly review the security of the platform.
We will reopen the contract with all funds in full after fully securing…
– Stars Arena (@starsarenacom) October 7, 2023
Stars Arena initially confirmed the hack on October 6 and asked users not to deposit any funds while the security breach was investigated.
Blockchain security companies like SlowMist have tracked the hackers’ movements and show that they drained 266,103 Avalanche (AVAX) — worth roughly $3 million at the time — from Stars Arena and then eventually moved the funds to cryptocurrency exchange Fixed Float.
SlowMist Security Alert@starsarenacom It appears to have been stolen due to a major security breach in its smart contract, please do not deposit funds.
– Slow Mist (@SlowMist_Team) October 7, 2023
A few hours after the hack, Stars Arena I apologize exploited and also revealed that its website was suffering from a distributed denial of service (DDoS) attack.
“We are deeply sorry for what happened. Our smart contract was exploited and funds were drained. The site is currently under a DDoS attack. We are working on a solution to recover everyone’s money and move the arena forward. The team said: “Forward.”
Going forward, the team confirmed at X Spaces on October 7 that it will take some time to ensure security is “tight” before relaunching the smart contract.
Right now, it’s not entirely clear when the project will reopen, but the team says it will happen “very soon.”
This marks the second exploit in Stars Arena within the past week.
On October 5, Cointelegraph reported that Starz Arena patched a security vulnerability after a hacker stole $2,000 worth of AVAX from the platform.
Related: Galxe protocol is under DNS attack, losses exceed $150,000 and counting
After facing criticism from Crypto Twitter members over the platform’s security, the Stars Arena team called for “coordinated chaos” and vowed to move forward.
Stars Arena joins a growing list of social financing platforms that have emerged since Friend.tech entered the market in August.
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