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Stars Arena’s resilience: 90% of stolen funds recovered

TL;DR

  • Stars Arena recovers 90% of stolen funds with a 10% bounty.
  • Quick actions show commitment to user security.
  • Security issues underscore Web3 platform challenges.

Stars Arena, the Web3 social media platform that fell victim to a major security breach, has successfully recovered approximately 90% of the crypto assets stolen during the exploit. In a surprising turn of events, the individual responsible for the exploit agreed to return the funds in exchange for a 10% bounty, resulting in the recovery of a substantial portion of the stolen assets.

In an announcement made via Twitter Stars Arena disclosed that an agreement had been reached with the exploiter, leading to the return of a significant portion of the stolen cryptocurrency. The agreement stipulated a 10% bounty, equivalent to 27,610 AVAX tokens, which at the time amounted to nearly $257,000. The recovered funds are a considerable relief for Stars Arena and its community, considering that the initial estimate of the stolen assets was valued at around $3 million.

The bounty offered by Stars Arena was not limited to the return of the stolen funds. It also included compensation for an additional 1,000 AVAX tokens, valued at over $9,000, which the exploiter seemed to have lost in a bridge. This comprehensive approach to compensation showcases Stars Arena’s commitment to rectifying the situation and ensuring the return of all funds to their rightful owners.

In response to the security breach, Stars Arena took swift and resolute actions to address the situation. The platform secured funding to plug the vulnerability that was exploited, and a dedicated development team was contracted to perform a full security audit. Despite these efforts, the specifics of how the exploit took place have yet to be disclosed by the development team.

A critical step in the recovery process has been the creation of a new smart contract by Stars Arena. This new contract is designed to prevent future breaches and ensure the security of users’ funds. Before implementing this contract and returning the recovered funds to their rightful place, Stars Arena is finalizing an audit to guarantee its robustness and reliability.

Stars Arena’s journey to enhance security

Before the major security breach, Stars Arena had encountered a smaller exploit earlier. During this earlier incident, hackers managed to abscond with approximately $2,000. The root cause of this exploit was attributed to a vulnerable price function within Stars Arena’s smart contract, which allowed the exploiter to trade user shares for AXAX tokens without any legitimate exchange.

However, Stars Arena has assured its user base that the vulnerability has been patched, emphasizing the platform’s dedication to security and the prevention of future breaches.

Notably, the platform’s competitor, Friend. tech has also been grappling with security challenges. Users of Friend. tech has been targeted in SIM-swap attacks, prompting the platform to implement additional security features to mitigate these attempts. The challenges faced by both the platform and Friend.tech underscore the importance of robust security measures in the rapidly evolving landscape of Web3 social media platforms.

The recovery of a significant portion of the stolen funds, along with the platform’s commitment to security enhancements, marks a notable turn of events for Stars Arena. Users can now look forward to a more secure environment as the platform continues to evolve and strengthen its defenses against potential threats.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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