Stars Arena Reclaims 90% of Lost Funds, Rewards Hacker 10%
- Web3 social media platform Stars Arena suffered a security breach on October 7th.
- The platform has announced asset recovery while the hacker claimed a $250,000 bounty.
- Stars Arena has developed a new smart contract to bolster security.
Emerging SocialFi platforms have become the latest casualties in the crosshairs of the relentless cyber threats that plague the cryptocurrency industry, with Avalanche Friend.Tech clone Stars Arena the latest to experience the burn.
Days after falling prey to a cyberattack that siphoned off $3 million in assets, Stars Arena has announced a 90% asset recovery.
Asset Recovery and New Smartchain Implementation
On October 11th, the Web3 social media platform announced that it had successfully reclaimed 239,493 AVAX out of the 266,104 AVAX stolen.
The exploiter repaid the assets in two transactions of 119,246 AVAX each and received a bounty of 27,610 AVAX, valued at $257,000, per the agreement reached following the breach.
UPDATE:
— Stars Arena (@starsarenacom) October 11, 2023
We have recovered approximately 90% of the lost funds.
We reached an agreement with the individual responsible for the recent security breach.
The funds have been returned in exchange for a 10% bounty fee + 1000 AVAX that was lost in a bridge.
Total funds lost:…
Stars Arena also announced the development of a new smart contract by its technical team, which will be open source upon audit completion. The contract will also hold assets previously accumulated to fill the gap caused by the security exploit, as initially announced by the team on October 7th.
“The funds secured to close the gap will be transferred directly to the contract following audit completion. In parallel, we are load-testing our servers to handle the traffic on relaunch. We can't wait to welcome you back to the Arena.”Read more to unravel the full details of the Stars Arena Heist:
Avalanche Friend.Tech Clone Under Attack, Over $3M Drained
To discover the latest revelations about SBF’s startups as his trial unfolds, read here:
“Alameda Research Lost $190M To Hacks:” Former Employee
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Louisiana introduces crypto payment options for state services
Eclipse to launch Solana-compatible Ethereum layer 2 in October
Texas court dismisses Consensys lawsuit against SEC
The Consensys suit was originally filed in April and included the allegation that the SEC had opened an investigation into Ethereum
Bitcoin is up 6% since the Fed rate cut. What’s next?
Despite short-term boost, Bybit executive warns investors of “potential challenges posed by economic uncertainty and market fluctuations”
Trending news
MoreCrypto prices
More
