Stars Arena, a friend.tech-like SocialFi app on Avalanche, announced it has secured the resources to close the gap caused by the previous exploit, and its smart contract will be re-opened after a full security audit.
Previously, a security hole was found in the Stars Arena contract. Though the team said the issue had been fixed, it was exploited yesterday, and around $3 million was stolen. After the incident, the crypto community suspected that it was a rug pull, and some people questioned the relationship between the project and Avalanche. But Stars Arena said, "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." adding, "We're not going anywhere."
Emin Gün Sirer, founder of Avalanche, also expressed his support for the project. He clarified that the project was built by the Builder and the Arena team, and it was "a fantastic product that has proven its virality in the market." The losses were "only $3m", and he was "confident that the hole will be plugged".
He said, "Stars Arena is a profitable service that makes money. The amount lost, $3m, is something that SA can recover in about 10 days or so. Worst case, the team can borrow $3m and pay it back with interest.
"Remember that Wormhole got hacked for $300m and is still around. Axie Infinity lost $625m and is still around. SA will definitely be around. There are some haters out there, which is a testament to SA's success. The bottom line is that SA is insanely fun and viral, and the hack is a mere speed bump on the path to buttoning down the contract."
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