Stars Arena Recovers Majority of Stolen Crypto in Exploit
A decentralized social media app called Stars Arena has successfully recovered almost all of the cryptocurrency that was stolen during an exploit on October 7th, with the exception of a 10% bounty given to the attacker. The platform announced that 90% of the exploited 266,000 Avalanche (AVAX) tokens, worth around $3 million at the time, were returned as part of an agreement that included awarding the exploiter a bounty of 27,610 AVAX, valued at nearly $257,000. Additionally, the exploiter lost 1,000 AVAX during a bridge transaction and received compensation for this loss as well.
New Smart Contract and Audit
Stars Arena revealed that it is currently finalizing an audit for a newly written smart contract. Once the audit is complete, the returned funds will be placed in this new contract. The platform had previously experienced a major security breach on October 7th, resulting in funds being drained from its smart contract. In response to this incident, Stars Arena secured additional funding and hired a development team to conduct a full security audit.
Impact on Avalanche and Price Drop
Before the exploit, Stars Arena was the most popular decentralized app on the Avalanche network. However, following the incident, Avalanche (AVAX) experienced a 13.53% drop in price and is currently trading at $9.01. This depreciation has affected both Stars Arena and its user base in terms of the value of the recovered funds.
Hot Take: Stars Arena Recovers Majority of Stolen Crypto After Security Breach
Stars Arena has successfully recovered almost all of the cryptocurrency stolen during an exploit on October 7th. The platform reached an agreement with the attacker, returning 90% of the stolen tokens and awarding a 10% bounty. Stars Arena is now finalizing an audit for a new smart contract to ensure improved security. The incident had a negative impact on Avalanche’s price, causing a 13.53% drop. Stars Arena’s recovery efforts demonstrate their commitment to their users and the security of their platform.
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