Stars Arena Recovers Stolen Crypto After Exploit
Web3 social media platform Stars Arena has successfully recovered the majority of the cryptocurrency that was stolen in an exploit on October 7th. The platform managed to retrieve around 90% of the 266,000 Avalanche (AVAX) tokens that were taken, which were worth approximately $3 million at the time. In exchange for returning the funds, Stars Arena agreed to pay a bounty of 27,610 AVAX, equivalent to nearly $257,000, to the person responsible for the exploit. Additionally, the bounty included compensation for 1,000 AVAX worth over $9,000 that was lost by the exploiter in a bridge.
New Smart Contract and Security Audit
In a separate post on Twitter, Stars Arena announced that it has written a new smart contract and is currently finalizing an audit of the contract before placing the returned funds and launching it. This comes after Stars Arena initially alerted its community about the security breach caused by its smart contract on October 7th. The platform secured funding to address the issue and hired a development team to conduct a full security audit. However, they have not yet disclosed how the exploit took place.
Previous Exploit and Vulnerability Patch
Stars Arena experienced a smaller exploit on October 5th where hackers managed to steal around $2,000. The exploit occurred due to a vulnerability in the platform’s smart contract that allowed attackers to sell user shares for nothing and receive AXAX in return. Stars Arena claims to have patched this vulnerability following the incident.
Security Measures by Competitor
Users of Stars Arena’s main competitor, Friend.tech, have also been targeted by SIM-swap attacks. In response to these attempts, Friend.tech has recently implemented additional security features to mitigate the risk.
Hot Take: Stars Arena Recovers Majority of Stolen Crypto After Exploit
Stars Arena, a web3 social media platform, has successfully retrieved around 90% of the cryptocurrency that was stolen in an exploit on October 7th. The platform reached an agreement with the exploiter to return the funds in exchange for a bounty and compensation. Stars Arena has also written a new smart contract and is conducting a security audit before launching the returned funds. They had previously experienced a smaller exploit due to a vulnerability in their smart contract but claim to have patched it. Meanwhile, Friend.tech, their competitor, has implemented additional security measures to counter SIM-swap attacks.
By
By
By
By
By
By