Key Highlights:
- 🕵️💻 Major Exploit: Stars Arena hit with a significant breach, resulting in a staggering $3 million loss in AVAX tokens.
- 🌐🔥 Double Trouble: Alongside the hack, Stars Arena’s website faced a simultaneous DDoS attack, adding to the mayhem.
- 🐦💬 Twitter Talk: Following vulnerabilities, the platform received a flurry of critiques from Crypto Twitter, leading to sharp retorts from Stars Arena.
In a whirlwind of digital mishaps, Stars Arena, the much-talked-about Web3 social media app on the Avalanche platform, grapples with a major exploit. Let’s unpack the events and see what it means for the AVAX tokens and the broader crypto community. 🌪️📲
AVAX Tokens Under Siege
What went down?
On October 6, Stars Arena got hit with an unpleasant surprise. Hackers exploited a vulnerability, leaving a hefty $3 million gap. An eyebrow-raising amount, to say the least. 🕵️💻The Immediate Aftermath:
Not one to keep users in the dark, the Stars Arena team quickly acknowledged the hack, advising users to hold off on depositing funds. The team took to a platform, vaguely named X, to relay the message, “We’ve patched things up and are working double-time on this.“
Important news: we have secured the resources to close the gap caused by the exploit.
— Stars Arena (@starsarenacom) October 7, 2023
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…
Unraveling The Hackers’ Steps
Draining the Vault:
The crypto sleuths at firms like SlowMist traced the hacker’s footprints. The culprit(s)? They siphoned off a whopping 266,103 Avalanche (AVAX) tokens from Stars Arena. To put that in perspective, that’s close to $3 million! 💸Double Whammy:
If draining the funds wasn’t audacious enough, Stars Arena’s website was simultaneously under a Distributed Denial-of-Service (DDoS) attack. Two blows, back-to-back. Can you imagine? 🌐🔥
🔥 Our music 🔥
🚨SlowMist Security Alert🚨@starsarenacom appears to have been stolen due to a major security breach in its smart contract, please do not deposit funds.
— SlowMist (@SlowMist_Team) October 7, 2023
Currently, the hacker transferred 266,103 $AVAX to the address (0xa2Eb...ad7A). The address (0xa2Eb...ad7A) transferred… https://t.co/BtkRCTk8CK pic.twitter.com/o0YrX8ZOCK
Stars Arena’s Take on the Matter
Owning Up & Moving Forward:
Transparency is the name of the game. The Stars Arena team didn’t beat around the bush, expressing genuine remorse for the fiasco. Their statement? “Mistakes happened. We’re on it. We’ll make things right and push on.“On the Horizon:
According to a recent update on the mysterious X Spaces on October 7, the team is dotting their i’s and crossing their t’s to fortify their security. The timeline for the grand reopening remains hazy, but “very soon” is what we’re told. 🕰️🔒
A Déjà Vu for Stars Arena?
Earlier Hiccup:
October seems jinxed for Stars Arena. A mere day before this debacle, Cointelegraph spotlighted another vulnerability in Stars Arena where a hacker cheekily pocketed $2,000 worth of AVAX tokens.The Twitterati Weighs In:
Critics were swift on Crypto Twitter, questioning the platform’s robustness. The response from Stars Arena? A staunch rebuff against what they termed as “coordinated fud.” 🐦💬
Broader Landscape: Rise of SoFi Platforms
- The Bigger Picture:
Stars Arena is but a star in a vast universe of social finance platforms that have mushroomed since Friend.tech’s debut in August. Here’s hoping for clearer skies and safer transactions for all in the world of Web3. 🌌🚀
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Sergio Richi
Editor, Logll Tech News