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Emin Gun Sirer Highlights Stars Arena’s Potential for Recovery
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Emin Gun Sirer, the founder of Avalanche blockchain, recently defended Stars Arena, a social protocol built on Avalanche, after it suffered an exploit. Sirer emphasized that Stars Arena had achieved something even Elon Musk’s X had not. The exploit, which resulted in a $3 million loss, was a reentrancy scam, a common occurrence in the crypto space.
Sirer acknowledged the significant amount of money lost but highlighted the project’s success in earning over $120k in a single day and generating excitement among users. He argued that Stars Arena had the potential to recover from the exploit due to its substantial revenue stream and growth trajectory.
Sirer also mentioned that funding had been secured to address the situation and efforts were underway to identify the hacker responsible. The hacker’s identity was allegedly doxed on the blockchain, demonstrating the community’s commitment to justice.
Overall, Sirer expressed optimism that Stars Arena could bounce back from this setback and continue its growth.
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Implications of Emin Gun Sirer’s Statement
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Sirer’s statement implies that Stars Arena has the capability to raise funds and recover from the exploit based on its revenue and growth potential. This belief is supported by examples of successful projects like Axie Infinity and Wormhole, which secured significant funding during their journeys.
The announcement of funding during one of Stars Arena’s Spaces sessions further reinforces this notion. The community is actively working to locate and bring the hacker to justice, as evidenced by their efforts to dox the hacker’s identity on the blockchain.
In conclusion, despite the exploit, Sirer remains hopeful that Stars Arena can be revived and continue its upward trajectory.
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Hot Take: Emin Gun Sirer Shows Confidence in Stars Arena’s Revival
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Emin Gun Sirer, the founder of Avalanche blockchain, has expressed confidence in Stars Arena’s ability to recover from a recent exploit. Despite the $3 million loss, Sirer highlighted the project’s revenue and growth, which surpassed even Elon Musk’s X. He believes that Stars Arena has the potential to raise the necessary funds and overcome this setback, citing successful examples from other projects.
The announcement of funding and the community’s determination to bring the hacker to justice further support Sirer’s optimism. Overall, Sirer’s statement reflects his belief in Stars Arena’s revival and continued success in the crypto space.
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