Stars Arena: Rising Popularity and Vulnerability
Stars Arena, a social platform backed by Avalanche’s Contract Chain, has fallen victim to what they describe as a “significant security breach.” Launched recently, following the surge in popularity of Friend.tech, this social token-based platform allows users to build and monetize online communities, and it has been gaining momentum steadily.
Image By: BSC NEWS
Monetizing Fan Bases
Stars Arena facilitates influencers, content creators, and public figures in monetizing their fan base by providing exclusive content and offers. Users can link their Twitter accounts and trade profile tokens using Avalanche’s AVAX.
Security Breach and Immediate Response
Late on a Friday night, the official Stars Arena Twitter account issued a warning confirming the breach of their smart contract. The message urged users not to deposit any funds, as they actively investigated the issue.
Crypto expert Redline was the first to notice the security breach. Moreover, the hackers utilizing the FixedFloat exchange service, transferred 266,103 AVAX, equivalent to approximately $2.85 million. The repercussions were swift, with AVAX’s price plummeting from $11.56 to $10.78, and users advising one another to unlink from their Twitter accounts.
Stars Arena: Apology and Ongoing Struggles
Hours later, Stars Arena issued an apology for the smart contract exploit and revealed they were still facing a Distributed Denial of Service (DDOS) attack. Consequently, they stated their commitment to finding a solution to recover everyone’s funds and ensure the platform’s continuity.
In an effort to reassure their user base, the Stars Arena team conducted a live Twitter Spaces session on Saturday. Furthermore, They announced the arrival of a dedicated white-hat development team to conduct a thorough security review of the platform. Once the audit is complete, they pledge to reopen the contract with all funds fully secured.
Increasing Activity and Previous Exploit
To sum up this security breach comes on the heels of a surge in activity on Stars Arena. With transaction volume spiking by 248% in the 24 hours leading up to the attack. Earlier in the week, hackers managed to siphon $2,000 from the platform through an exploit, which was promptly resolved. Stars Arena declared itself in a battle against “malicious actors in the space who want to steal your money.”
