Stars Arena Has Recovered 90% of the Money Stolen by Hackers

Star Arena

Last week, the emerging web3 social network Stars Arena on Avalanche suffered a withdrawal of 3 million USD. As of now, the hacker has returned the money, with a reward of 257,000 USD.

On October 7th, Stars Arena was attacked by a hacker just a few days after patching some vulnerabilities. This event caused the project’s wallet address to be completely drained, resulting in nearly 3 million USD in damages.

According to the latest update on the project’s Twitter channel (X), Stars Arena has managed to recover 90% of the 266,104 AVAX lost in the hack from the previous week through an agreement with the individual responsible for the security breach. This person has agreed to return 90% of the stolen assets and keep 26,610 AVAX as a bug bounty reward. The attacker deliberately left an on-chain message for the project to contact them.

Stars Arena is also in the process of rebooting the project, setting up new smart contracts, and ensuring they are audited by the security firm Paladin before relaunching. The newly recovered funds will be transferred to the new smart contract.

Stars Arena is a newcomer that recently emerged on the Avalanche network. Before the hack, this SocialFi application, associated with friend.tech, had significantly boosted activity on the Avalanche C-chain. Just two weeks after its launch, the project generated a significant amount of transactions on the network, leading in terms of user numbers and achieving a remarkable Total Value Locked (TVL). The price of AVAX also saw a sharp increase during this period.

In the past, the cryptocurrency market has witnessed several similar cases. Following the Polynetwork breach in 2021, the attacker used on-chain messages to threaten delays in returning the stolen funds. Additionally, there have been cases where individuals used similar tactics to extort money from the attackers. Last week, a hacker who attacked the Huobi exchange returned all the stolen funds.

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