Avalanche-based Web3 social media app Stars Arena announced that it has secured funding to cover the $3 million hole left by an exploit on October 6. The team also added that it will reopen the smart contract once a full security audit has been performed. occurred.
In an announcement on X, the Stars Arena team noted: โWe have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team will arrive to quickly review the security of the platform.โ
Important news: We have secured the resources to close the breach caused by the exploit.
Additionally, a special white hat development team will arrive to quickly review the platform's security.
We will reopen the contract with all funds in full after full guarantee...
โ Estrellas Arena (@starsarenacom) October 7, 2023
Stars Arena initially confirmed the hack on October 6 and asked users not to deposit funds while it investigated the security breach.
Blockchain security companies like SlowMist tracked the hacker's movements and noted that they drained 266,103 Avalanche (AVAX), worth nearly $3 million at the time, from Stars Arena and then eventually transferred the funds to the fixed float crypto exchange. .
SlowMist Safety Alert@starsarenacom appears to have been stolen due to a major security breach in your smart contract, please do not deposit funds.
Currently, the hacker transferred 266,103 $AVAX to the address (0xa2Eb...ad7A). The address (0xa2Eb...ad7A) transferredโฆ https://t.co/BtkRCTk8CK pic.twitter.com/o0YrX8ZOCK
- Slow Mist (@SlowMist_Team) October 7, 2023
A few hours after the hack, the Stars Arena team He apologized for the exploit and also revealed that its website was suffering from a distributed denial of service (DDoS) attack.
โWe deeply regret what happened. Our smart contract was exploited and funds ran out. The site is currently under DDoS attack. We are working on a solution to recover everyone's funds and keep the Arena moving forward. โWe are working on a solution to recover everyoneโs funds and move the Arena forward,โ the team said.
Going forward, the team emphasized at X Spaces on October 7 that it will take time to ensure security is "tight" before relaunching the smart contract.
As things stand, 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 over the past week.
On October 5, Cointelegraph reported that Stars Arena had patched a vulnerability after a hacker siphoned $2,000 worth of AVAX from the platform.
Related: Galxe protocol suffers DNS attack, losses exceed $150,000 and continue to grow
After facing criticism from Crypto Twitter members over the platform's security, the Stars Arena team shouted "coordination" and vowed to move forward.
Stars Arena joins a growing list of social finance platforms that have sprouted since Friend.tech entered the market in August.
Magazine: Blockchain Detectives: The Mt. Gox Collapse Birthed Chainalysis
Post navigation
