Stars Arena has received funding to fix the loophole and will reopen after a security audit

金色财经 · 2023-10-08T02:53:01.000Z

Author: Brian Quarmby, Cointelegraph; Compiler: Songxue, Golden Finance Stars Arena, the Avalanche-based Web3 social media application, announced that it has received funding to close a $3 million hole left on October 6. The team also added that it will reopen smart contracts once a comprehensive security review is passed. "We have secured resources to mitigate the impact of this vulnerability. In addition, a special white hat development team is rapidly reviewing the security of the platform," the Stars Arena team noted in an announcement on X.

Author: Brian Quarmby, Cointelegraph; Translated by: Song Xue, Golden Finance
Stars Arena, the Web3 social media app based on Avalanche, announced that it has received funding to close a $3 million vulnerability left behind on October 6. The team also added that it will reopen the smart contracts once a full security audit has passed.
"We have secured resources to mitigate the impact of this vulnerability. Additionally, a dedicated team of white hat developers is rapidly reviewing the security of the platform," the Stars Arena team said in an announcement posted on X.
Stars Arena initially confirmed the hack on October 6 and asked users not to deposit any funds while the security breach was being investigated.
Blockchain security firms such as SlowMist tracked the hackers’ movements and noted that they stole 266,103 Avalanche (AVAX) — worth nearly $3 million at the time — from Stars Arena before eventually transferring the funds to cryptocurrency exchange Fixed Float.
Hours after the hack, the Stars Arena team apologized for the attack and revealed that its website had suffered a distributed denial of service (DDoS) attack.
“We are deeply sorry for what happened. Our smart contracts were exploited and funds were drained. The site is currently under DDoS attack. We are working on a solution to recover everyone’s funds and keep Arena moving forward. We are working on a solution to recover everyone’s funds and keep Arena moving forward,” said the team.
Looking ahead, the team stressed in an Oct. 7 X Spaces that it will take time to ensure security is “watertight” before relaunching smart contracts.
It's unclear when the program will reopen, but the team says it will happen "soon."
This is the second attack on Stars Arena in the past week.
On October 5, it was reported that Stars Arena had fixed a vulnerability after hackers stole $2,000 worth of AVAX from the platform.
After facing criticism from members of Crypto Twitter over the platform’s security, the Stars Arena team called out for “coordination” and vowed to move forward.
Since Friend.tech entered the market in August, more and more social finance platforms have sprung up, and Stars Arena is one of them.