Social protocol Stars Arena suffered a "major security breach" through which hackers stole 266,103 Avalanche (AVAX) worth $2.85 million.
Avalanche Social Protocol Stars Arena Has Lost Nearly $3 Million
Social protocol Stars Arena suffered a "major security breach" through which hackers stole 266,103 Avalanche (AVAX) worth $2.85 million. Stars Arena allows online creators to monetize fan bases through exclusive access and content purchased with profile tokens. It was launched last month following the popularity of Friend.tech.
A user, Redline, first noticed the exploit and warned others to remove their Twitter accounts from the platform. Hours later the team confirmed funds were taken in a smart contract attack and DDOS, apologizing while vowing to recover user funds with a security audit.
Stars Arena later announced that they have secured funding to cover the exploited funds, and will restart once a “full security audit” is conducted.
This follows recent attacks on leading SocialFi app Friend.tech, where users lost over $385K in Ethereum (ETH). However, unlike the smart contract exploit on Stars Arena, Friend.tech users were affected by SIM swap attacks. These involve attackers gaining access to victims’ phone numbers and maliciously entering their accounts. SIM swap attacks are on the rise, and even claimed Ethereum co-founder Vitalik Buterin’s X account as a victim, resulting in $691,000 stolen from his followers.
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