Stars Arena gets $3m in exploits plug, set to reopen after safety audit
Avalanche-based Web3's social media app Stars Arena announced on October 6 that it had secured the funding to cover the $3 million hole it left behind. The team said it will reopen the smart contract once a full security audit is done. It happened.
In an announcement on X, the Stars Arena team said: “We have secured resources 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.
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
Stars Arena initially confirmed the hack on October 6 and asked users not to deposit any money while it investigates the security breach.
Blockchain security firms such as SlowMist tracked the hacker's activities and revealed that they withdrew 266,103 Avalanche (AVAX) – worth an estimated $3 million at the time – from Arena of Stars and eventually transferred the funds to a fixed-floating cryptocurrency exchange.
SlowMist Security Alert@starsarenacom appears to have been hacked due to a major security breach in the smart contract, please do not deposit.
Currently, the hacker has transferred $266,103 in AVAX to the address (0xa2Eb…ad7A). The address (0xa2Eb…ad7A) has been forwarded… pic.twitter.com/o0YrX8ZOCK
— SlowMist (@SlowMist_Team) October 7, 2023
A few hours after the hack, the Constellation Arena team apologized for the exploit and also revealed that the website was suffering from a denial-of-service (DDoS) attack.
“We are very sorry for what happened. Our smart contract has been exploited and the currency has been corrupted. The site is currently under DDoS attack. We are working on a solution to get everyone's money back and keep Arena moving forward. “We are working on a solution to keep everyone's money and Arena moving forward,” the team said.
Moving forward, the team emphasized at X Spaces on October 7 that it will take time to ensure security is “watertight” before relaunching the smart contract.
As it stands, it's not entirely clear when the project will open, but the team says it will be “soon.”
This marks his second exploit at Stars Arena in the past week.
On October 5, Cointelegraph reported that Stars Arena patched a vulnerability after a hacker took $2,000 worth of AVAX from the platform.
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After facing criticism from members of CryptoTwitter over the security of the platform, the Star Arena team vowed to continue to rally, calling it “Integrated Food”.
Stars Arena joins the growing list of social finance platforms since Friend.tech entered the market in August.
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