Securing the Gap
Stars Arena, the Avalanche-based Web3 social media app, has announced that it has successfully secured the funding needed to cover the $3 million exploit that occurred on Oct. 6. In addition to this, the team has also revealed that they will be reopening the smart contract once a thorough security audit has taken place.
Aight, it's all good now!
Addressing users on X, the Stars Arena team confirmed the news, stating: "We have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team is coming in to rapidly review the security of the platform."
Stay Tuned for Reopening
Stars Arena initially reported the hack on Oct. 6 and advised users against depositing any funds during the investigation into the security breach. Blockchain security firms such as SlowMist tracked the movements of the hacker and revealed that 266,103 Avalanche (AVAX) tokens, valued at almost $3 million, were drained from Stars Arena and then transferred to the Fixed Float crypto exchange.
Ongoing Apologies and DDoS Woes
A few hours after the hack, the Stars Arena team issued an apology for the exploit and also disclosed that their website was experiencing a Distributed Denial-of-Service (DDoS) attack. The team stated, "We are deeply sorry for what happened. Our smart contract was exploited and the funds were drained. The site is currently under DDoS attack. We are working on a solution to get everyone’s funds recovered and have the Arena move forward."
Bouncing Back
Looking ahead, the Stars Arena team emphasized the need for thorough security measures before relaunching the smart contract. While there is no exact reopening date at the moment, the team assures users that it will happen "very soon."
Not Their First Rodeo
This is the second exploit to occur on Stars Arena in the past week. On Oct. 5, it was reported that the platform had patched a vulnerability after a hacker stole $2,000 worth of AVAX tokens. Despite criticism from members of Crypto Twitter about the platform's security, the Stars Arena team refuted claims of "coordinated fud" and remained determined to move forward.
Joining the Social Finance Wave
Stars Arena is just one of many social finance platforms to emerge since Friend.tech entered the market back in August. The platform joins a growing list of apps that aim to revolutionize social media through blockchain technology.
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