Avalanche

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 <p class="is-style-lead">Decentralized social media app Stars Arena has recovered nearly all crypto <a rel="noopener noreferrer nofollow" title="stolen" href="https://thebittimes.com/tag/stolen.html">stolen</a> in an Oct. 7 exploit, aside from a 10% <a rel="noopener noreferrer nofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> given to the attacker.</p>
 <p>On Oct. 11, Stars Arena announced via X that about 90% of the exploited 266,000 Avalanche (AVAX), then valued at roughly $3 million, was returned following an agreement that included awarding the exploiter a <a rel="noopener noreferrer nofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> of 27,610 AVAX, worth close to $257,000.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> further included compensation for an additional 1,000 AVAX, valued at over $9,000, which the exploiter seemingly lost during a bridge transaction.</p>
 <p>Following the recovery, Stars Arena revealed that it is finalizing an audit for a newly written smart contract. Once the audit is complete, the platform aims to place the returned funds in this new contract.</p>
 <p>The announcement comes after the platform first alerted its community to what it termed a “major security breach” on Oct. 7, which resulted in funds being drained from its smart contract.</p>
 <p>To address the security lapse, Stars Arena secured additional funding and contracted a development team to conduct a full security audit. However, details surrounding the nature of the exploit have not yet been disclosed.</p>
 <p>Before the exploit, Stars Arena held the top spot as Avalanche’s most popular decentralized app (dapp), greatly boosting the network’s activity.</p>
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 <p>Following the exploit, the price of Avalanche (AVAX) experienced a 13.53% drop and is currently trading at $9.01. This depreciation has had a knock-on effect on the value of the recovered funds for both Stars Arena and its user base.</p>
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   <img decoding="async" width="1420" height="792" src="https://cdn.thebittimes.com/images/2023/10/12/194a02f503f0c722de17909eb88a28bb.webp" alt="Stars Arena reclaims 90% of stolen assets after issuing $257K bounty - 1"> 
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   Avalanche price | Source: CoinMarketCap
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 <p>The 90% of funds that were recovered, amounting to 239,493 AVAX, are now valued at approximately $2.22 million, a decrease from their initial worth of $2.55 million.</p>
 <p>A few days prior, on Oct. 5, Stars Arena was targeted in a smaller exploit where hackers reportedly absconded with about $2,000.</p>
 <p>According to a post by a pseudonymous user named “0xlilitch,” the exploit was due to a vulnerability in a price function within the platform’s smart contract.</p>
 <p>Stars Arena has since claimed to have patched this vulnerability.</p>
 <p>In related news, Friend.tech, a leading competitor to Stars Arena, has also been the target of SIM-swap attacks. The platform recently implemented additional security <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> to mitigate such attempts.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/stars-arena-reclaims-90-of-stolen-assets-after-issuing-257k-bounty-tbt66111.html">https://thebittimes.com/stars-arena-reclaims-90-of-stolen-assets-after-issuing-257k-bounty-tbt66111.html</a></p>

Stars Arena reclaims 90% of stolen assets after issuing $257K bounty

TheBitTimes

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