- Avalanche-based Web3 social media app Stars Arena has secured the funding to cover the $3 million loss caused by an exploit on Oct. 6.
- The team will re-open the smart contract after a full security audit has taken place.
- A white hat development team will review the platform’s security.
Stars Arena initially confirmed the hack on Oct. 6 and asked users not to deposit any funds.
- The hacker drained 266,103 Avalanche (AVAX) from Stars Arena, worth almost $3 million at the time.
- The funds were eventually transferred to the Fixed Float crypto exchange.
The Stars Arena team apologized for the exploit and mentioned that their website was experiencing a Distributed Denial-of-Service (DDoS) attack.
Stars Arena will ensure that security is watertight before relaunching the smart contract.
This is the second exploit on Stars Arena in the past week.
- On Oct. 5, Stars Arena patched a vulnerability after a hacker stole $2,000 worth of AVAX.
The Stars Arena team called out coordinated FUD (Fear, Uncertainty, and Doubt) and vowed to continue.
Stars Arena joins a growing list of social finance platforms that have emerged since Friend.tech entered the market in August.