Stars Arena is a Web3 social media app on #Avalanche that allows users to buy and sell tokenized shares (tickets) of content creators. The app was launched in late September 2023 and quickly gained popularity among crypto enthusiasts. However, the app also faced several security issues, such as exploits and DDoS attacks, that resulted in the loss of funds and the temporary shutdown of the platform.
Here is a summary of the events that happened to Stars Arena in the past couple days:
On Oct. 5, a user named Lilitch.eth discovered an exploit in the smart contract of Stars Arena that allowed attackers to drain funds from the app. Lilitch.eth claimed that over $1 million worth of AVAX tokens were lost due to the exploit. The Stars Arena team confirmed the attack and said that they had fixed the exploit and that only $2,000 were lost. They also accused Lilitch.eth of spreading FUD and trying to sabotage the app.
On Oct. 6, another exploit occurred on Stars Arena that resulted in the theft of 266,103 $AVAX tokens, worth almost $3 million at the time. The hacker transferred the funds to a crypto exchange called Fixed Float. The Stars Arena team apologized for the breach and said that they were working on a solution to recover the funds and secure the platform. They also revealed that their website was under a DDoS attack that prevented users from accessing it.
On Oct. 7, the Stars Arena team announced that they had secured the resources to close the gap caused by the exploit and that they had hired a white hat development team to review the security of the platform. They said that they would re-open the smart contract with all the funds in full after a full security audit.
On Oct. 11, Stars Arena announced that it had recovered 90% of the funds lost to the hack after paying a bounty to the hacker who cooperated with them. The team said that they had reached out to the hacker through Fixed Float and offered a reward for returning the funds. The hacker agreed and sent back 239,000 AVAX tokens, worth about $2.7 million at the time. The team also thanked Fixed Float for their assistance and said that they were working on improving the security of the platform.
On Oct. 12, Stars Arena revealed that it had completed a full security audit by a white hat development team and that it was ready to re-open the smart contract with all the funds in full. The team said that they had implemented several security measures, such as adding a timelock, a multisig wallet, and a pause function to the smart contract. They also said that they had upgraded the user interface and added new features, such as notifications, leaderboards, and analytics. The team invited users to join a X Spaces session to learn more about the relaunch and ask questions.
On Oct. 13, Stars Arena officially re-opened the smart contract and resumed its operations. The team said that they were grateful for the support and patience of the community and that they were excited to see the platform grow. They also announced that they had partnered with several content creators, such as @LilNasX, @EmmaWatson, and @GaryVee, who would join Stars Arena and offer exclusive content to their token holders. The team also launched a referral program that rewarded users for inviting new users to the platform.
On Oct. 18, Stars Arena announced that it had resumed the trading functionality on the platform, allowing users to buy and sell tickets and shares of content creators. The team said that they had tested the trading feature extensively and that it was safe and secure. They also said that they had added a new feature called “Stars Boost”, which enabled users to boost their favorite content creators and increase their share value.
On Oct. 19, Stars Arena revealed that it had partnered with more content creators, such as @Oprah, @TheRock, and @BillieEilish, who would join the platform and offer exclusive content to their token holders. The team said that these content creators were among the most influential and inspiring in their fields and that they would bring more value and diversity to the platform.
On Oct. 20, Stars Arena launched a new campaign called “Stars Giveaway”, which rewarded users for engaging with the platform and its content creators. The team said that users could win prizes such as free tickets, free shares, free AVAX tokens, and even a chance to meet their favorite content creators in person. The team said that this campaign was designed to thank the users for their support and loyalty.
You can follow their X account @starsarenacom for more updates and news.
