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<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Stars Arena, a recently launched SocialFi platform, went under attack but was soon averted.&nbsp;</a> </li> 
 <li> <span>2</span> <a>The platform called the incident an effort to create FUD among the community by monopolistic forces.&nbsp;</a> </li> 
</ul> 
<p>Exploits of platforms and efforts to illegally withdraw funds from there always make the headlines. Even the failed attempts also take place in mainstream conversations, as the recent alleged mishap with Stars Arena did. The Avalanche network-based emerging SocialFi platform was reportedly attacked by exploiting a loophole, which the developers fixed before the situation could escalate further.&nbsp;</p> 
<p>Though the mishap was averted, it created a moat among social media users taking part either in support of Stars Arena or criticizing the naive creation by developers.&nbsp;</p> 
<p>A thread post from lilitch.eth on social media platform X (previously Twitter) prompted the discussion and highlighted the attack said to take place on Stars Arena.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/starsarenacom?ref_src=twsrc%5Etfw">@starsarenacom</a>, you fucked up<br><br>1.1 million dollars are being drained right now because of noob devs who couldn't make a copy of <a href="https://t.co/h7traLwG9i">https://t.co/h7traLwG9i</a> that will work properly<br><br>If you hold ANY SHARES in StarsArena you should sell while you still can<br><br>read next<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2b07.png" alt="⬇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/HzgXvJc8ju">pic.twitter.com/HzgXvJc8ju</a></p>— lilitch.eth (@0xlilitch) <a href="https://twitter.com/0xlilitch/status/1709885464209973549?ref_src=twsrc%5Etfw">October 5, 2023</a>
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<p>The user criticized the developers and said they could not “make a copy of Friend.tech” to work properly. As a result, about $1.1 Million worth of funds were on the verge of being drained out.&nbsp;</p> 
<p>He cited the “getPrice() function” over the platform as “broken” and not working properly. It led the exploiters to accumulate AVAX tokens despite selling 0 shares.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-stars-arena-showed-up-for-damage-control-strong"><strong>Stars Arena Showed up for Damage Control&nbsp;</strong></h2> 
<p>Meanwhile, the Stars Arena team showed up in the next couple of hours and asserted that the “exploit has been fixed.”&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">THE EXPLOIT HAS BEEN FIXED.<br><br>BUT DON’T GET THIS WRONG WE ARE AT WAR.<br><br>We’re being targeted by malicious actors in the space that want to steal your money.<br><br>The little guy is under attack. <br><br>You are under attack.<br><br>Your right to platform diversity is under attack.<br><br>Don’t get it… <a href="https://t.co/DmbMdf9cAq">pic.twitter.com/DmbMdf9cAq</a></p>— Stars Arena (@starsarenacom) <a href="https://twitter.com/starsarenacom/status/1709934535570608172?ref_src=twsrc%5Etfw">October 5, 2023</a>
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<p>In addition, the post had a provocative and sentimental message for the community in the wake of the alleged exploit.&nbsp;</p> 
<p>According to Stars Arena, the exploit was an effort to keep monopoly by attacking diversity. They call out the platforms for creating fear, uncertainty, and doubt (FUD) against them.&nbsp;</p> 
<p>“We will fight, we will survive, we will win. We have the devs. We have the team. We have the people.”</p> 
<p>They argued that the attack could not be carried out further since it was costing attackers $5 to take out $1 from the platform. Before it could cause more damage, the developers fixed the issue and managed to safeguard the funds over the platform.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-attack-made-a-slight-dent-on-stars-arean-s-tvl-strong"><strong>Attack Made a Slight Dent on Stars Arean’s TVL</strong></h3> 
<p>Stars Arena was said to have about $1 Million in total value locked (TVL), which dropped to $915,590 following the attack. However, it did not go down further, saving the rest of the funds.</p> 
<p>People were in support of Stars Arena after the attack. Emperor Osmo, a well-known on-chain researcher, <a href="https://twitter.com/Flowslikeosmo/status/1709916243346481167">responded</a> to a situation by sharing a snippet from another user who labeled the exploit as “useless” to any hacker. This assessment was based on the fact that the cost of executing the hack far exceeded the amount that could ultimately be obtained from it.</p> 
<p>In essence, the economic impracticality of the hack made it an unattractive option for any potential attacker. This observation highlights the importance of cost-benefit analysis in the cryptocurrency space, where the economics of hacks and exploits can greatly influence their feasibility and attractiveness.</p> 
<p>Stars Arena is a budding SociaFi protocol over the <a href="https://www.thecoinrepublic.com/2023/10/05/avalanche-avax-attempts-reversal-will-bulls-surpass-100-day-ema/" target="_blank" rel="noreferrer noopener">Avalanche (AVAX)</a> network. It launched recently and started collaborating a great deal in the network’s growth in terms of users and transaction count.&nbsp;</p>

Stars Arena Saved $1M TVL from Attack; Called an Effort to Create FUD

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Thecoinrepublic.com

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