Earlier today, Stars Arena, a cryptocurrency social media platform on the Avalanche network, was subjected to a major attack and approximately $3 million in funds fell into the hands of hackers.
User assets were stolen from the platform, which already had around $3 million in total locked value, and the total locked value decreased to $0.051.
In the statement made by the Stars Arena official team, it was reported that the funds to close the 3 million dollar funding gap were collected. In addition, it was said in the statement that a team of white hat hackers had been agreed to control the security of the platform and that operations would begin soon.
According to the platform team's statement, after a full security audit, the contract will be restarted with all stolen funds replaced and this will not take long.
Regarding the issue, Avalanche founder Emin Gün Sirer also made a statement this afternoon. In a statement made at a time when it was not yet clear whether the funds would be replaced, Sirer said the following:
“Stars Arena faced a new security vulnerability today. Remember that Stars Arena was developed by The Builder and the Arena team. Moreover, they have a lot of friends and a great product that has proven its virality in the market. The amount lost is only 3 million dollars. I am sure that the vulnerability will be closed.
Now let's give the team some time to make the necessary code changes.
When you read the comments, you'd think it was a $30 billion attack. Stars Arena is a profitable service that makes money. The amount lost, $3 million, is something the platform can recover in about 10 days. At worst, the team could borrow $3 million and pay it back with interest.
Remember that Wormhole was hacked for $300 million and is still around. Axie Infinity lost $625 million and is still on the market. Stars Arena will definitely be around.”
*This is not investment advice.
