Stars Arena, a social platform backed by Avalanche’s Contract Chain, has experienced a major security breach. The platform, which allows influencers and content creators to monetize their fan base, confirmed that its smart contract was attacked, resulting in the transfer of 266,103 AVAX tokens worth approximately $2.85 million. This breach prompted a drop in the price of AVAX. Stars Arena has apologized for the exploit and assured users that they are working on recovering the funds and resolving the issue.
Following a surge in transactions on Stars Arena prior to the attack, the breach occurred. Earlier in the week, the platform had already faced an exploit that led to the loss of $2,000, which was promptly resolved. Stars Arena had been actively combating malicious actors in the space who aimed to steal money from its users. This attack comes shortly after Friend.tech, another social token-driven platform, experienced a similar incident where hackers drained the accounts of four users, resulting in the theft of $385,000 in Ethereum.
In response to the security breach, Stars Arena announced the involvement of a special white hat development team to conduct an extensive security review of the platform. They plan to reopen the contract after a thorough security audit and ensure that all funds are returned. Despite these recent challenges, Stars Arena remains determined to overcome these obstacles and continue providing a secure and monetized environment for its user base.
