{"id":170285,"date":"2023-10-08T07:30:09","date_gmt":"2023-10-08T02:00:09","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=170285"},"modified":"2023-10-08T07:30:09","modified_gmt":"2023-10-08T02:00:09","slug":"stars-arena-secures-funds-to-plug-3m-exploit-set-to-reopen-after-security-audit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/stars-arena-secures-funds-to-plug-3m-exploit-set-to-reopen-after-security-audit-crypto-news\/","title":{"rendered":"Stars Arena secures funds to plug $3M exploit, set to reopen after security audit – Crypto News"},"content":{"rendered":"
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Avalanche-based Web3 social media app Stars Arena announced that it has secured the funding to cover the $3 million hole left by an exploit on Oct. 6. The team also added that it will re-open the smart contract once a full security audit has occurred. <\/p>\n

In an announcement on X, the Stars Arena team noted: \u201cWe 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.\u201d <\/p>\n

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Important news: we have secured the resources to close the gap caused by the exploit.<\/p>\n

Additionally, a special white hat development team is coming in to rapidly review the security of the platform. <\/p>\n

We will re-open the contract with all the funds in full after a full security\u2026<\/p>\n

\u2014 Stars Arena (@starsarenacom) October 7, 2023<\/a><\/p><\/blockquote>\n

Stars Arena initially confirmed the hack on Oct. 6 and asked users not to deposit any funds while it investigated the security breach. <\/p>\n

Blockchain security firms such as SlowMist tracked the hacker\u2019s movements and outlined that they drained 266,103 Avalanche (AVAX) \u2014 worth almost $3 million at the time \u2014 from Stars Arena and then eventually went on to transfer the funds on to the Fixed Float crypto exchange. <\/p>\n

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SlowMist Security Alert@starsarenacom<\/a> appears to have been stolen due to a major security breach in its smart contract, please do not deposit funds.<\/p>\n

Currently, the hacker transferred 266,103 $AVAX<\/a> to the address (0xa2Eb…ad7A). The address (0xa2Eb…ad7A) transferred\u2026 https:\/\/t.co\/BtkRCTk8CK<\/a> pic.twitter.com\/o0YrX8ZOCK<\/a><\/p>\n

\u2014 SlowMist (@SlowMist_Team) October 7, 2023<\/a><\/p><\/blockquote>\n

A few hours after the hack, the Stars Arena team apologized<\/a> for the exploit and also revealed that its website was suffering from a Distributed Denial-of-Service (DDoS ) attack.<\/p>\n

\u201cWe are deeply sorry for what happened. Our smart contract was exploited and the funds were drained. The site is currently under DDoS attack. We are working on a solution to get everyone\u2019s funds recovered and have the Arena move forward. We are working on a solution to get everyone\u2019s funds recovered and have the Arena move forward,\u201d the team said.<\/p>\n

Moving forward, the team emphasized in an Oct. 7 X Spaces that it will take time to ensure security is \u201cwatertight\u201d before relaunching the smart contract.<\/p>\n

As it stands, it\u2019s not entirely clear when the project will re-open, but the team says it will happen \u201cvery soon.\u201d <\/p>\n

This marks the second exploit on Stars Arena over the past week. <\/p>\n

On Oct. 5, Cointelegraph reported that Stars Arena had patched a vulnerability<\/a> after a hacker siphoned $2,000 worth of AVAX from the platform. <\/p>\n

Related: <\/em><\/strong>Galxe protocol experiences DNS attack, losses top $150K and still growing<\/em><\/strong><\/a><\/p>\n

After facing criticism from members of Crypto Twitter over the platform\u2019s security, the Stars Arena team called out \u201ccoordinated fud\u201d and vowed to march on. <\/p>\n

Stars Arena joins a growing list of social finance platforms that have sprouted up <\/a>since Friend.tech entered the market in August.<\/p>\n

Magazine: <\/strong>Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/strong><\/a><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Avalanche-based Web3 social media app Stars Arena announced that it has secured the funding to cover the $3 million hole left by an exploit on Oct. 6. The team also added that it will re-open the smart contract once a full security audit has occurred. In an announcement on X, the Stars Arena team noted: […]<\/p>\n","protected":false},"author":2,"featured_media":170286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-170285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=170285"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170285\/revisions"}],"predecessor-version":[{"id":170288,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170285\/revisions\/170288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/170286"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=170285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=170285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=170285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}