{"id":70145,"date":"2023-10-08T06:05:28","date_gmt":"2023-10-08T10:05:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/avalanche-backed-stars-arena-faces-3-million-security-breach\/"},"modified":"2023-10-08T06:05:32","modified_gmt":"2023-10-08T10:05:32","slug":"avalanche-backed-stars-arena-faces-3-million-security-breach","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70145","title":{"rendered":"Avalanche-Backed Stars Arena Faces $3 Million Security Breach"},"content":{"rendered":"
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Stars Arena<\/strong>, a social platform supported by\u00a0Avalanche’s Contract Chain<\/strong>, has fallen victim to a significant security breach.<\/p>\n

In a Saturday tweet, the official Stars Arena Twitter account issued a warning confirming that the platform’s smart contract had been attacked.<\/p>\n

The team urged users not to deposit any funds while the issue was being investigated.<\/p>\n

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Crypto expert Redline, who first detected the security breach, revealed that hackers had successfully transferred 266,103 AVAX (approximately $2.85 million) using the FixedFloat exchange service.\u00a0<\/p>\n

Following the news, the price of AVAX experienced a dip from $11.56 to $10.78, prompting users to advise one another to remove Stars Arena from their Twitter accounts.<\/p>\n

Hours later, Stars Arena issued an apology for the smart contract exploit and acknowledged that they were still enduring a distributed denial-of-service (DDoS) attack.\u00a0<\/p>\n

They assured users that efforts were underway to recover everyone’s funds and restore the functionality of the platform.<\/p>\n

Specialized White Hat Team to Conduct a Review of the Project<\/h2>\n

In an attempt to address the situation, the Stars Arena team hosted a live Twitter Spaces session on Saturday with the goal of providing a comprehensive explanation of the breach.\u00a0<\/p>\n

They announced that a specialized white hat development team would conduct a thorough security review of the platform.\u00a0<\/p>\n

Once the audit is completed, they plan to reopen the contract with all funds fully secured.<\/p>\n

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Launched just last month amid the surging popularity of Friend.tech, a social token-driven platform for creating and monetizing online communities, Stars Arena has been steadily gaining traction.<\/p>\n

The project offers influencers, content creators, and public figures the ability to monetize their fan base by granting exclusive access to content and offers.\u00a0<\/p>\n

Users can link their Twitter accounts and trade profile tokens using Avalanche’s AVAX cryptocurrency.<\/p>\n

This breach occurred amidst a surge in transactions on Stars Arena, with trading volume increasing by 248% in the 24-hour period just prior to the attack.\u00a0<\/p>\n

Earlier in the week, the platform had experienced an exploit that allowed hackers to steal $2,000.\u00a0<\/p>\n

Likewise, a hacker recently stole approximately $385,000 worth of digital assets in 24 hours by performing SIM-swapping attacks on friend.tech users.\u00a0<\/p>\n

As\u00a0reported, blockchain sleuth\u00a0ZachXBT\u00a0<\/strong>revealed the scammer had pilfered 234 ETH in 24 hours by SIM-swapping four different friend.tech users.<\/p>\n

In total, approximately $332 million has been lost to various exploits, hacks, and scams throughout September,\u00a0marking a record-high month\u00a0for crypto exploits.\u00a0<\/p>\n<\/p><\/div>\n