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Stars Arena, based on Avalanche (AVAX) and known for its SocialFi features, has been facing difficulties since its early days. What has been happening in Stars Atlas, which may have fallen victim to an exploitation that could have resulted in the theft of millions of dollars?
The Stars Arena Hack Incident
A user named lilitch.eth made a remarkable statement about the SocialFi platform that has attracted attention with its emergence in stagnant market conditions. Stars Arena allows users to use their X profiles as an investment tool. The shares belonging to their profiles can be purchased with AVAX.
The user claimed that over $1 million was withdrawn from the platform due to an open vulnerability in the smart contract. The hackers who noticed this can sell the shares they obtained and withdraw the AVAX to their wallets. After a short period of time since the user’s statement, the Stars Arena team acknowledged the occurrence of this situation. Following the incident, quick action was taken to fix the security vulnerability and it was announced that user security has been ensured.
A statement was made by the platform after this incident. According to them, those who carried out the attack were individuals or organizations targeting new formations aiming to grow in the market and had malicious intent. Another interesting aspect that made the issue more intriguing was that users opposed lilitch.eth’s claims.
Emperor Osmo, a popular chain researcher, considered this incident as a futile situation in his statement. According to him, the hack was relatively unsuccessful because $5 fees were paid to carry out a $1 transaction.
SocialFi Giant Friend.tech Under Fire
Although it was said implicitly, the allegations regarding Stars Arena monopolizing the market made Friend.tech, which started the SocialFi revolution, a target of criticism. From another perspective, both Friend.tech and Stars Arena seemed almost identical in terms of concept and operation.
Setting aside all these events, Stars Arena rose to the top in the Avalanche chain. Along with this rise, the network activity of the chain alone brought it to a new level. However, the FUD surrounding it halted this ascent. According to data from DappRadar, transaction volume, volume, and user activity in Stars Arena have clearly declined in the past 24 hours.
