The post Avax-Based Stars Arena Secures Funding to Reopen Soon: ‘We’re Not Going Anywhere appeared first on Coinpedia Fintech News
Avalanche-based Web3 social media platform Stars Arena recently faced a significant security breach that resulted in a loss of $3 million on October 6th. In response to the incident, the Stars Arena team has taken swift action, securing funding to mitigate the impact and enhance security measures. They have also outlined plans for a comprehensive security audit before reopening their smart contract.
In a statement posted on X (formerly known as Twitter), the Stars Arena team reaffirmed their commitment to resolving the issues stemming from the exploit.
Important news: we have secured the resources to close the gap caused by the exploit.Additionally, a special white hat development team is coming in to rapidly review the security of the platform. We will re-open the contract with all the funds in full after a full security…
— Stars Arena (@starsarenacom) October 7, 2023
They said, “Important news: we have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team is rapidly reviewing the platform’s security. We will re-open the contract with all the funds in full after a full security audit. This will happen very soon. See you all on Spaces in a few hours. We’re not going anywhere. The Arena Marches on.”
Stars Arena, a Web3-based social media platform, had previously encountered security breaches, leading to concerns within the cryptocurrency community. In the initial breach, an intruder transferred $2,000 worth of AVAX from the platform. Subsequently, a more significant security breach was detected within the platform’s smart contract.
These security incidents have triggered mixed reactions within the crypto community. Some have doubts about the platform’s security vulnerabilities, while others continue supporting its potential.
Hours after the hack, the Stars Arena team apologized for the breach. It revealed that their website had also been targeted by a distributed denial of service (DDoS) attack. In their statement, the team expressed sincere regret for the incident, acknowledging that their smart contract had been exploited, resulting in the loss of funds.
