After a security audit, Stars Arena will reopen with funding to cover a $3 million shortfall caused by the exploit.
In response to a recent $2.9 million security breach, Stars Arena, an Avalanche-based social media dApp, has secured the resources required to cover the resulting losses.Additionally, a white hat team has been hired by the platform to perform...
In response to a recent $2.9 million security breach, Stars Arena, an Avalanche-based social media dApp, has secured the resources required to cover the resulting losses.
Additionally, a white hat team has been hired by the platform to perform a security analysis. Ethical hackers will rigorously evaluate the platform for flaws as part of the team.
The platform has promised to re-enable its smart contract after the thorough security review is finished, and insiders have hinted that this action will soon take place.
The platform's reaction comes in the wake of two recent security incidents: the aforementioned breach on Oct. , and a different unauthorized withdrawal of $2,000 on Oct. 5.
Due to similarities with the Base-native platform and since its launch in late September, Friend. Stars Arena has generated debate in the cryptocurrency community regarding tech. This focus has grown more intense in light of recent security incidents.
The recent exploit was described by blockchain security company Peckshield as a reentrancy issue. A related update revealed a transfer of 50 AVAX from the stolen funds to an address connected to the FixedFloat cryptocurrency exchange.
The Total Value Locked (TVL) for Stars Arena, which is currently $0.051, significantly decreased after the breach, according to data from DefiLlama.
Security issues are posed by the ongoing expansion of the Web3 ecosystem.
According to a quarterly report by blockchain security company Immunefi, malicious actors were reported to have stolen $685.51 million worth of assets in the third quarter of 2023.
A staggering 96 percent of this total, or over $662.85 million across 76 separate incidents, was attributable to cryptocurrency breaches. The most serious of these was a breach that targeted the Mixin Network and cost $200 million.
These incidents highlight the necessity of ongoing security upgrades to maintain both assets and trust for platforms like Stars Arena and the larger crypto community.