Web3 Social Platform Stars Arena Relaunches: Trading To Resume After Audit
Avalanche-based Stars Arena has relaunched its application following a hack and 10% bounty offer that led to the bad actor returning 90% of stolen assets.
The platform announced on X (formerly Twitter) on Oct 15 that it relaunched services except trading but a new announcement will be made soon concerning trading functionality.
“The Arena will re-open on Sunday with a pause on trading functionality. There will be a separate announcement on trading being resumed, shortly after the relaunch.”
Per the post, trading will commence after a full audit is carried out on the smart contract to prevent further loss of funds as it has previously faced two incidents resulting in loss of assets.
“Trading will only resume once the full audit has been published and the contract has been open-sourced for community review. We would like to thank everyone at @0xPaladinSec for working over the weekend to get this finished in the shortest possible time.”
The call on the community and other developers to audit the code comes after users expressed fears of a similar incident since the platform announced previous hacks.
Moving on from hacks
The platform believes it has gotten the support of users following a series of smart contract audits and a refund of all user assets.
On crypto spaces, Stars Arena users celebrate the relaunch, still stressing a focus on security while citing diversity and the need for competition as reasons why the platform needs to expand.
The platform announced the hack on Oct 7 that reunited $2.9 million worth of AVAX tokens stolen from the company.
“We’re actively checking the issue. DO NOT deposit any funds.”
The hacker using the FreeFloat exchange service transferred 266,104 AVAX tokens slightly dropping the price of the asset in the process.
The company disclosed immediately after the incident that they were at war with hackers on a mission to steal user assets because of their fear of diversity and love for monopoly.
THE EXPLOIT HAS BEEN FIXED.— Stars Arena (@starsarenacom) October 5, 2023
BUT DON’T GET THIS WRONG WE ARE AT WAR.
We’re being targeted by malicious actors in the space that want to steal your money.
The little guy is under attack.
You are under attack.
Your right to platform diversity is under attack.
Don’t get it… pic.twitter.com/DmbMdf9cAq
“We are working on a solution to get everyone’s funds recovered and have the Arena move forward.”
Most users have expressed delight with the relaunch as promised hoping for a wider audit to prevent further incidents.
Addressing users after the hack, the platform rolled out several steps it would take to restore users and restart trading, and with the deal with the hacker, things look on track for the project.
“A special white hat development team is coming in to rapidly review the security of the platform. We will re-open the contract with all the funds in full after a full security audit. This will happen very soon.”
Last week the hacker returned 90% of stolen assets for a 10% bounty, the company revealed on X.
🔗 Avalanche-based Star Arena Recovers 90% of Hacked Funds, Offers 10% Bounty@starsarenacom has announced a recovery of assets drained from its platform over the weekend following an agreement with the hacker.#CryptoNews #newshttps://t.co/YRZvFe9Ubb— Cryptonews.com (@cryptonews) October 12, 2023