Another crypto platform hacked: Millions stolen from AVAX

The recently launched social media platform Stars Arena, popular in the web3 world, has become the target of a major hack. This DDOS attack on the platform, which is based on the Avalanche blockchain (AVAX), resulted in the theft of at least $3 million in AVAX tokens.

There was a major security breach in the smart contract.

We are actively investigating the issue.

Do not deposit any money.

Stay tuned for updates.

– Stars Arena (@starsarenacom) October 7, 2023

The hack occurred on October 7 and shook the cryptocurrency community. It raises many questions about the security of DeFi platforms. This week, a similar online community platform, Web3, was also attacked. This has also led to huge losses for countless users.

The hackers reportedly transferred the stolen funds to cryptocurrency exchange Fixed Float. Here, the hackers attempted to convert their stolen cryptocurrencies into another currency before the authorities could intervene.

Stars Arena is securing funds for recovery

The team behind Stars Arena is showing their determination to address the situation head on and recover the leaked funds. A statement from the team confirmed that they had obtained the necessary funding to plug the leak.

In addition, the company announced that it has engaged a team of “white hat” hackers. This group of hackers will comprehensively evaluate the security of the platform and then improve it.

Following the hack, Stars Arena stressed the importance of a careful security audit. According to the team, this is necessary to ensure that their smart contracts are “watertight.” Although no specific date has been set for the reopening of Stars Arena, the team promises that it will happen “very soon.”

The Web3 platform is targeted more often

The recent attack on Stars Arena is not the first time the platform has faced security issues. A few days before the major hack, the exchange had already been the target of an attack in which $2,000 worth of AVAX was stolen.

Cryptocurrency Avalanche (AVAX) rose intraday to a peak of $11.56 on October 7. After this latest hack was revealed on Stars Arena, the cryptocurrency fell by almost 10%. At the time of writing, AVAX is trading at $10.23.