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What is Stars Arena?
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Stars Arena is a social media platform and a fork of the popular Friend.tech platform. It allows creators to monetize their work and offers features like Threads, similar to posts on X. Instead of “Keys,” they have “Tickets” that can be purchased for 0.0066 AVAX. The price of Tickets is influenced by the popularity of the person linked to them. Ticket owners receive a share of the trading fees generated by their Tickets. Stars Arena also offers Airdrops, where users can earn points by interacting on the platform and receive rewards on a weekly basis.
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Stars Arena Rise and Immediate Downfall
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After launching in late September, Stars Arena quickly became the biggest earner in the Avalanche ecosystem, with a growth rate of 820% in its first week. However, it was hit by two hacks in early October, resulting in a loss of $3 million. Despite this setback, the platform resolved the issues and saw support from influential figures in the Avalanche community.
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Stars Arena Hacks
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On October 5th, there was an initial claim of a $1.1 million hack, but it turned out to be only $2,000. Two days later, another hack drained $3 million from the platform, accounting for 75% of its funds. The team moved the remaining funds to a multisig wallet and the platform experienced a DDoS attack. After resolving these issues, the website is now back up and running.
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Hot Take: SoFi’s Safety Issues
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SoFi platforms like Friend.tech and Stars Arena are gaining attention in the crypto space. However, both platforms have experienced security breaches, with Stars Arena being hacked twice within a short period. While the team has taken measures to address these issues, it is essential to exercise caution when investing in high-risk assets like cryptocurrencies. Conduct thorough research and due diligence before making any investment decisions.
Source: [Stars Arena website](https://starsarena.com/)
Note: The information provided in this article does not guarantee any investment outcomes, and we are not responsible for any losses incurred.
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