According to Cointelegraph: Web3 social media application, Stars Arena, operating on Avalanche, announced that it has obtained the necessary funding to recover from the $3 million exploit that occurred on October 6. The team also stated that it will reactivate the smart contract following a comprehensive security audit.
The hack, confirmed by Stars Arena, caused the draining of 266,103 Avalanche (AVAX) tokens, which were worth nearly $3 million at the time. The funds were allegedly sent by the hacker to the Fixed Float crypto exchange. The situation was further exacerbated by a Distributed Denial-of-Service (DDoS) attack on the platform website.
Stars Arena has since engaged a "white hat" development team to review and tighten the platform's security provisions. The reopening of the project, though confirmed to occur "very soon," still hinges on ensuring seamless security operations.
This is the second exploit suffered by Stars Arena within a week. The first saw $2,000 worth of AVAX siphoned from the platform on October 5. Despite critics blaming lax platform security, Stars Arena accused them of "coordinated fud" and vowed to continue its operations.
Stars Arena is part of a growing list of social finance platforms to emerge following Friend.tech's entrance into the market in August.
