Bounty

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126290/333466/defi-hacker-media-library.jpg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Pixabay</figcaption></figure>On-chain social platform, Star Arena has announced a recovery of assets drained from its platform over the weekend following an agreement with the hacker.&nbsp;In a <a href="https://twitter.com/starsarenacom/status/1712192197443883453?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">post on X (formerly Twitter)</a>, the platform disclosed that 90% of user assets have been recovered while the hacker was offered a 10% bounty.<figure class="media"><oembed url="https://twitter.com/starsarenacom/status/1712192197443883453?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>The agreement means the company recovered 90% of 266,000 Avalanche (<a href="https://cryptonews.com/coins/avax-avalanche/">AVAX</a>) tokens worth nearly $3 million while the hacker was offered 27,610 AVAX tokens approximately $257,000.<blockquote>&ldquo;We have recovered approximately 90% of the lost funds. We reached an agreement with the individual responsible for the recent security breach.&rdquo;</blockquote>Per the agreement, the hacker would also be compensated about 1000 AVAX lost in a bridge with the platform adding in a separate post that it has written a new smart contract to ensure security before placing recovered funds, making a subsequent rollout.<h2 id="what-happened-this-weekend">What happened this weekend?&nbsp;</h2>Star Arena is a web3 social platform built on the Avalanche network that allows users to monetize their content and popularity and link their Twitter accounts, trading with AVAX.&nbsp;On Oct 7, the company <a href="https://twitter.com/starsarenacom/status/1710540444075978846?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">announced a warning</a> of the smart contract hack asking users not to deposit funds. The hack led to 266,000 AVAX drains, further slightly affecting the price of AVAX.<figure class="media"><oembed url="https://twitter.com/starsarenacom/status/1710540444075978846?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>The team <a href="https://twitter.com/starsarenacom/status/1710604987812708531?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">apologised for the hack</a> adding that they were at war with bad actors but will work to recover all user assets.&ldquo;A special white hat development team is coming in to rapidly review the security of the platform. We will re-open the contract with all the funds in full after a full security audit. This will happen very soon."Both Star Arena and its competitor Friend.tech recorded significant traction this past month and have both been hit by hackers.&nbsp;Friend.tech suffered a <a href="https://cryptonews.com/news/scammer-makes-off-around-400k-24-hours-by-targeting-friendtech-users-through-sim-swapping-scams.htm">similar incident</a> when some accounts were drained and the malicious players carted away with $385,000 in Ether.<h2 id="two-attacks-within-days">Two attacks within days&nbsp;</h2>Observers have called on the development team to properly audit the smart contract to prevent any attacks in the future.Before the attack on Oct 7, a smaller incident occurred with the team announcing that the platform was under attack but the loophole had been patched.The incident broke out when user Lilitch.eth announced on X that <a href="https://twitter.com/0xlilitch/status/1709885464209973549?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">$1 million had been lost</a> because the developers could not make a copy of Friend.tech that worked properly.&nbsp;The company subsequently clarified saying the exploit has been fixed with a loss of $2,000 recorded.&nbsp;<blockquote>&ldquo;You are under attack.Your right to platform diversity is under attackDon&rsquo;t get it wrong, this is coordinated FUD.The malicious actors were trying to spend $5 to drain $1 in TVL from our platform.Make note of that, they were throwing money away to TAKE YOUR MONEY,&rdquo; they added.&nbsp;</blockquote>
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Avalanche-based Star Arena Recovers 90% of Hacked Funds, Offers 10% Bounty

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