What’s happening to AVAX! Stars Arena has been hacked!

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Stars Arena is a social crypto platform based on Avalanche. All smart contracts inside Stars Arena and the funds locked in them have been hacked. EXEcrypto authors spoke to PeckShield, the first company to be consulted in hacking incidents, and according to PeckShield, the size of the hack is worth approximately 2.9 million dollars. Since the Stars Arena platform runs on the Avalanche network, the news of the hack caused a very serious drop in AVAX. The theft of nearly 3 million dollars worth of crypto made it one of the most serious hacking incidents.

Below you can see Stars Arena’s tweet on the matter:
Stars Arena Hacked

We are deeply sorry for what happened. Our smart contract was exploited and the funds were drained. The site is currently under DDOS attack. We are working on a solution to get everyone’s funds recovered and have the Arena move forward. We will keep you updated on the progress. Thank you all for your continuous support while we navigate this difficult situation.

Stars Arena is a SocialFi platform. In an initial statement on Twitter, Stars Arena announced that users’ transactions have been disabled for the time being. In addition, it was confirmed that user funds have been securely locked except for the hacked user funds of close to 3 million dollars.

A detailed explanation on the subject came from the PeckShield company. It was stated that the system vulnerability that Stars Arena was hacked was a vulnerability in the swap section where coins with a price of 2.74 dollars could be sold much more expensive. Thanks to this vulnerability, hackers sold their coins to the platform at a price far above the market.

Without any delay, Emin Gün Sirer, the founder of AVAX, made a statement on Twitter.

Avax Founder Stars Arena

Stars Arena was hit with a new exploit today. Remember that Stars Arena was built by The Builder and the Arena team. But they have quite a few friends and a fantastic product that has proven its virality in the market. The amount lost is only $3m. I’m confident that the hole will be plugged. Let’s now give the team some time to make the code changes required.

AVAX is one of the most popular coins running on the blockchain and uses the Avalanche network infrastructure-technology. For detailed information about AVAX and Avalanche, don’t forget to read What is Avalanche (AVAX) and How Does It Work?

What is Avalanche (AVAX) and How Does It Work?

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