Stars Arena Takes Steps to Strengthen Security and Rebuild Trust
In response to a security breach that resulted in a loss of nearly $3 million, Stars Arena, a Web3 social media app based on the Avalanche network, has implemented significant measures to enhance its security infrastructure and regain the trust of its users. Following the exploit on October 6, 2023, the company has taken several actions, including moving its funds to a more secure multisig wallet, conducting a thorough security audit, and engaging a white hat team to assess and improve the platform’s security measures.
Updates on Security Measures
On October 7, 2023, Stars Arena provided an update to its followers regarding the steps being taken after the security breach. The funds have been transferred from the original fee wallet to a new Gnosis Safe multisig wallet. This new wallet requires three out of six signatures from Stars Arena team members for any transactions. This change is part of the overall effort to prevent future breaches and ensure better protection for user funds.
Financial Recovery and White Hat Team
Stars Arena has successfully secured resources to cover the financial loss resulting from the exploit, which amounted to 266,103 Avalanche (AVAX) tokens, equivalent to nearly $3 million at the time. The announcement about the financial recovery and the introduction of a white hat team for a prompt security review were made on X (formerly Twitter), Stars Arena’s social media platform. The white hat team will conduct a comprehensive assessment of the platform’s security before reopening it to users.
Tracking Stolen Funds
The blockchain security firm SlowMist has been tracking the hacker’s activities and has determined that the stolen AVAX tokens were transferred to an address (0xa2Eb…ad7A). A portion of these tokens, 50.32 AVAX, was subsequently moved to the Fixed Float crypto exchange on October 6. The community is actively working to trace the stolen funds and identify the perpetrator(s) in order to recover the lost assets and hold them accountable.
Temporary Deposit Advisory
As these security measures are being implemented, Stars Arena has advised users not to deposit any new funds until the security audit is complete and the platform’s contract is reopened. This advisory highlights the platform’s commitment to safeguarding user assets while ensuring that necessary security enhancements are in place.
Hot Take: Stars Arena Prioritizes Security and Recovery
Stars Arena’s proactive response to the security breach demonstrates its dedication to protecting user funds and rebuilding trust. By implementing a more secure multisig wallet, conducting a thorough security audit, and involving a white hat team, Stars Arena is taking strong measures to prevent future breaches. The company’s commitment to financial recovery and its efforts to track the stolen funds show its determination to hold the perpetrators accountable. While temporary deposit restrictions may inconvenience users, they are necessary precautions that prioritize the safety of user assets. Stars Arena’s actions reinforce its commitment to creating a secure environment for its users.
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