As the Memeinator token sale gains strength, Arena of Constellation is hacked
SocialFi is becoming a fast growing industry in the crypto sector.
Stars Arena announced a major hack on the ecosystem.
Meminator has raised over $643k in the last few days.
The fast-growing social app Stars Arena announced a major attack on Saturday, a day after its developers stopped another attack. On Twitter (or X), the developers claimed that the attack stole more than $3 million and cost only $1.
Stars Arena is a new platform inspired by Friend.Tech, a social app that has attracted more than 100K users in the past few months. While Friend.Tech is built on Base Blockchain, Stars Arena is built on Avalanche. According to Dapradar, Stars Arena has attracted more than 20 lakh users in the last few days.
The Stars Arena performance helped boost AVAX's performance. AVAX prices rose to $11.88 on Saturday and fell to $10.40 after the hack. The developers said in a separate tweet that they are securing resources and conducting extensive security audits to address the gap.
Important news: We have verified the resource to address the gap created by the exploit.
Additionally, a dedicated white hat development team is coming in to quickly assess the platform's security.
After full security we will re-open the contract for all funds…
— Stars Arena (@starsarenacom) October 7, 2023
Memeinator token sale continues.
Another important crypto news of the week was the launch of Memeinator's token sale. This sale was very successful and the developers raised over $643k making it one of the fastest growing tokens in the industry. You can buy the token in ETH, USDT or BNB here.
For starters, Memeinator is a new cryptocurrency that wants to be the biggest meme coin in the world. It aims to disrupt an industry now dominated by the likes of the Shiba Inu, Dogellon Mars, Floki Inu and Pepe.
While cryptocurrency prices have retreated over the past few months, most of them, such as Pepe, Shiba Inu, and DOGE, are still worth billions of dollars.
Memeinator aims to find utility by incorporating the concept of Artificial Intelligence (AI). AI has become a major theme in the market after the success of ChatGPT, Google Bard and Anthroponic.
ChatGPT's parent, OpenAI, raised $10 billion from Microsoft earlier this year, while Anthropic raised $4 billion from Amazon. In general, AI investments have jumped to more than 20 billion dollars this year.
Memeinator uses AI in many ways. For one, the developers use the technology to power games and other dApps in the ecosystem.
Memeinator will have a total supply of 1 billion tokens. 62.5% of these tokens will be sold in the presale in a 29-stage process, with the price increasing at each stage. You can read the Mementor white paper here.
