Stars Arena Recovers Stolen Crypto Following Hack
Stars Arena, a Web3 social media platform built on the Avalanche blockchain, has announced that it has successfully retrieved almost all of the stolen cryptocurrency that was lost during a recent hack. The hack occurred on October 7th and resulted in a breach of the platform’s smart contracts system, allowing hackers to steal funds. The protocol confirmed that it lost approximately $2.9 million as a result of the attack.
The Stars Arena Hack
On October 7th, Stars Arena fell victim to a hack that exploited a vulnerability in its smart contracts system. This allowed hackers to manipulate the price of assets on the platform and sell them at inflated prices. The community was alerted to the breach, and Stars Arena took immediate action to secure funding and conduct a security audit.
Stolen Funds Recovered
After the hack, Stars Arena managed to recover around 90% of the stolen funds, which amounted to approximately 266,000 AVAX tokens worth $3 million. The protocol reached an agreement with the hacker and paid out a bounty of 27,610 AVAX tokens (worth nearly $257,000) as compensation. The hacker also received additional compensation for 1,000 AVAX tokens lost in a bridge.
New Smart Contract
In response to the hack, Stars Arena’s technical team developed a new smart contract and is currently finalizing an audit before relaunching the platform. The returned funds will be placed in the new contract once the audit is complete. The team is also conducting load tests to ensure that their servers can handle the anticipated traffic upon relaunch.
Hot Take: Stars Arena Recovers Stolen Crypto After Hack
The recent hack on Stars Arena resulted in significant losses for the platform, but the team’s quick response and cooperation with the hacker have allowed them to recover most of the stolen funds. This incident highlights the importance of robust security measures in the crypto industry and the need for continuous audits to identify vulnerabilities. Stars Arena’s commitment to developing a new smart contract and conducting thorough testing demonstrates their dedication to improving security for their users. As the platform prepares to relaunch, it serves as a reminder that even in the face of adversity, recovery is possible in the crypto space.
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