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Social media application Stars Arena, based on the Avalanche platform, recently conveyed its success in garnering funds to bridge a $3 million financial gap. This setback was caused by a security breach on October 6. The company has also signaled its intention to reinitiate the smart contract only after undergoing a comprehensive security assessment.
The Stars Arena team, while communicating through X (a popular social media platform), relayed that they have managed to obtain the necessary resources to tackle the financial shortfall from the security glitch. They also highlighted the introduction of a dedicated white hat developer team, geared to enhance the platform's security swiftly.
On October 6, Stars Arena had first acknowledged this hack. They had urged users to refrain from depositing any funds during the period they were looking into the security violation. Several blockchain security organizations, like SlowMist, managed to trace the hacker's activities. Their findings revealed that the malefactor had siphoned off 266,103 Avalanche (AVAX) tokens. These tokens, equivalent to nearly $3 million, were diverted from Stars Arena. Subsequently, these funds were channeled to the Fixed Float cryptocurrency exchange.
Shortly after the cyberattack, Stars Arena came forward with an apology for the oversight, indicating that their website was concurrently facing a distributed denial of service (DDoS) assault.
The Stars Arena team then disclosed, "The unfortunate event led to the smart contract being compromised and the funds were appropriated. The site is now contending with a DDoS attack. Plans are in motion to restore the users' funds and progress with the Arena."
The team, during an October 7 discourse on X Spaces, accentuated that ensuring impeccable security will be a gradual process before the smart contract's reintegration.
The exact timeline for the project's resumption remains uncertain. However, the team is optimistic about an imminent relaunch.
This incident is the second security breach for Stars Arena within a week. In response to concerns raised by the crypto community about the app's security, Stars Arena acknowledged the challenges and affirmed their commitment to push forward.
Since Friend.tech's advent in August, several social finance platforms, including Stars Arena, have emerged in the digital space.
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