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News

Stars Arena Relaunch Will Take Place On Sunday After Cyber Attack

October 13, 2023 - Around 2 mins mins to read

Key Points:

  • Stars Arena relaunch will take place on Sunday after a cyber attack, but trading functions will remain suspended temporarily.
  • The platform is using recovered funds to compensate for 90% of the 274,333 AVAX in losses.
  • It is implementing security measures and a new smart contract before resuming operations.
Stars Arena relaunch will take place on Sunday, but some services will be suspended. Trading functions will remain suspended, with a separate announcement to follow regarding the resumption of trading.
Stars Arena Relaunch Will Take Place On Sunday After Cyber Attack

Stars Arena Relaunch Set on Sunday After Cyber Attack

In a previous statement, Stars Arena revealed that approximately 90% of the lost funds have been recovered, and the hacker responsible will receive a 10% bounty along with the 1,000 AVAX lost in the cross-chain bridge incident.

The platform is using recovered funds to compensate for the losses incurred during the breach. Out of the total 274,333 AVAX in losses, 239,493 AVAX have been recovered. All accrued fees will be added to the recovered funds, and the team is actively seeking loans from private investors to cover the remaining amount.

Arena Enhances Security Measures in Response to the Hack

Stars Arena relaunch is now firmly set, establish a new smart contract, and ensure its verification by security unit Paladin before its official reactivation. The restored funds will be transferred to the new smart contract to enhance security.

The platform faced a security breach on October 7, despite efforts to patch potential vulnerabilities. The breach resulted in the depletion of liquidity from the project’s wallet address, causing losses of nearly $3 million.

Stars Arena had quickly gained traction before the cyber attack. Its SocialFi app had become a prominent driver of activity on the Avalanche C-chain, amassing a high number of users and a significant Total Value Locked (TVL). During this time, the AVAX price had also experienced substantial growth.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Avalanche

AVAX

cyber attack

SocialFi

Stars Arena

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.