Avalanche-based SocialFi Platform Stars Arena Survives Exploit Attack
The Stars Arena platform, built on the Avalanche blockchain, recently faced an exploit attempt that could have resulted in the loss of $1 million from its smart contract. However, the project was able to fix the issue and categorized it as a coordinated fear, uncertainty, and doubt (FUD) attack.
Attempted Exploit on Stars Arena
A Twitter user with the handle @0xlilitch first brought attention to the attack on Stars Arena. They claimed that due to the developers’ incompetence, $1.1 million was being drained from the platform. @0xlilitch further explained that hackers could obtain free Avalanche tokens by selling 0 shares.
Fixing the Issue and Community Response
The Stars Arena team quickly addressed the problem and announced that it had been resolved. The Total Value Locked (TVL) in the platform’s smart contract decreased from $1 million to $915,590, indicating that the exploiters did not succeed in draining significant funds.
However, the community criticized Stars Arena for its response to the attack. Some believed that the platform was using the underdog narrative to shift blame onto monopolies. Community members also pointed out that Stars Arena is a forked version of the popular Friend.tech SocialFi platform, raising concerns about its credibility.
The Future of Stars Arena and Friend.tech
Stars Arena gained significant attention and saw a surge in TVL from $33,000 to over $1 million within a week of its launch. Despite the exploit attempt, some still see potential in Stars Arena for reviving the Avalanche ecosystem. On the other hand, Friend.tech, a rival platform, has been dealing with phishing and SIM swap scams, leading to doubts about its sustainability.
Hot Take: Stars Arena Survives Exploit Attempt, Community Questions Its Narrative
The attempted exploit on Stars Arena put the platform to the test. While it was able to address the issue and prevent significant losses, concerns were raised regarding its relationship with Friend.tech and its underdog narrative. The community remains cautious about both platforms’ sustainability and credibility in the competitive SocialFi space.
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