Stars Arena Faces Another Team Member Departure
Stars Arena, a web3 social finance app built on the Avalanche blockchain, has announced the departure of another team member. The individual with the username @KookCapitalLLC has been relieved of their duties, and the platform is in the process of transitioning to a new team without any former members. According to @KookCapitalLLC’s social media posts, they left due to long-standing issues with management and direction. This comes shortly after Stars Arena’s CEO, known as Chill Pill, stepped down on October 29th.
The Aftermath of the Hack
In early October, Stars Arena suffered an exploit that resulted in $2.9 million worth of AVAX being stolen due to a reentrancy vulnerability. While all funds in the smart contract were lost, user wallets remained secure. Eventually, Stars Arena managed to recover 90% of the stolen funds, with the remaining 10% given to the exploiter as a bounty. In response to this incident, Stars Arena recently completed its transition to a legal entity and expressed its focus on mitigating bots and improving user moderation by implementing a block button.
The Block reached out to Stars Arena team members for comment but did not receive an immediate response.
Hot Take: Another Setback for Stars Arena
Stars Arena is facing yet another setback as another team member departs amidst ongoing issues with management and direction. This comes shortly after their CEO also stepped down. The loss of key personnel raises concerns about the stability and future development of the web3 social finance app. Additionally, Stars Arena’s recovery from a recent hack adds further strain as they work to regain user trust and improve security measures. It remains to be seen how these challenges will impact Stars Arena’s position within the crypto space and whether they can successfully rebuild their team and reputation.
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