Stars Arena Secures Funds to Reopen After Web 3.0 Security Audit

Stars Arena Secures Funding to Cover Exploit Loss

On Oct. 6, Stars Arena, an Avalanche-based Web3 social media app, announced that it had secured the necessary resources to cover the $3 million hole left by an exploit. In addition, a white hat development team has been brought in to review the security of the platform.

The Stars Arena team made a statement on X (formerly Twitter): “We have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team is coming in to rapidly review the security of the platform.”

When the hack was first identified, Stars Arena asked users to refrain from depositing funds while the security breach was being investigated.

Blockchain security firms such as SlowMist followed the hacker’s movements and determined that 266,103 Avalanche (AVAX) — worth almost $3 million at the time — had been drained from Stars Arena and transferred to the Fixed Float crypto exchange.

Exploiting the Stars Arena and DDoS Attack

A few hours after the hack, the Stars Arena team issued an apology and revealed that their website was facing a distributed denial of service (DDoS) attack. “We are sorry for what happened. Our smart contract was exploited and the funds were drained. The site is currently under DDoS attack. We are working on a solution to get everyone’s funds recovered and have the Arena move forward,” the team stated.

The team further expressed in an Oct. 7 X Spaces that making sure the security is “watertight” will take some time before the smart contract can be relaunched. As of now, it is not clear when the project will be up and running again, but the team said it will be “very soon.”

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Exploiting Stars Arena

Stars Arena has recently been the target of two exploits. On Oct. 5, Cointelegraph reported that a hacker had managed to siphon $2,000 worth of AVAX from the platform, prompting criticism from members of Crypto Twitter. The Stars Arena team responded to the allegations of poor security, denouncing the “coordinated fud” and vowing to continue their operations.

The incident is the latest in a series of security breaches on social finance platforms since Friend.tech’s launch in August, as web 3.0 technology continues to be developed and implemented. Those looking to create or build a web 3.0 website can find a variety of resources online, as well as advice on how to get a job in web 3.0 and the differences between web3 and web 3.0.