Stars Arena, an Avalanche-based, Friend Tech-like social platform, has been targeted by hackers. According to initial reports, $2.9 million worth of AVAX locked in the project’s smart contract was compromised.

In the first statement made by Stars Arena, “There has been a major security breach with the smart contract. We’re actively checking the issue. DO NOT deposit any funds. Stay tuned for updates.”

The second statement said, “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.”

Emin Gün Sirer: I’m confident that the hole will be plugged

On the other hand, Emin Gürer Sirer, CEO of Ava Labs, emphasized that the amount lost was only 3 million dollars and added:

“I’m confident that the hole will be plugged.”

Finally, it was reported that the funds in user wallets are safe.

What is Stars Arena?

Stars Arena is a SocialFi platform on the Avalanche blockchain. Stars Arena, which allows users to tokenize and trade their Twitter accounts, is similar to Friend Tech, a competing platform on Coinbase’s Base network. The platform was created by a developer named “theBuilder” on September 27, 2023.