Shenzhen, China, October 12, 2023: Social media app Stars Arena has recovered 90% of the funds that were exploited in a recent hack, according to a statement from the company on Wednesday.1
Stars Arena said that it was able to recover the funds through negotiations with the attacker. The company did not disclose the amount of money that was stolen, but it is widely reported that the attacker was able to steal approximately $2.9 million.
However, Yahoo News reported the amount to be 3 million.
“Last week, the up-and-coming social platform was hacked, resulting in a loss of $3 million in AVAX tokens, despite prior warnings from users about potential security vulnerabilities,” it said.2
One news report said that Stars Arena was taking steps to improve its security in order to prevent future attacks. It said that the company is working with a security firm to conduct a comprehensive audit of its security systems.
Stars Arena is a social media platform on the Avalanche blockchain that allows users to create and share short videos, as well as buy and sell shares of their favorite creators. It is similar to Friend.tech but with additional features such as tipping and public discussion threads. The app recently gained popularity after several celebrities began using it.
The hack occurred in the first week of October 2023. The hack was reported as a major security breach for Stars Arena, and it raised concerns about the security of social media apps in general as well.
- Stars Arena: https://twitter.com/starsarenacom/status/1712192197443883453[↩]
- Stars Arena:https://finance.yahoo.com/news/stars-arena-exploiter-want-cooperate-165342213.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAGe-1aqClV84DCW3JwBlC4Uo8Pg0IBGuEnqtLpUzPB61s_pihq8VY0IRmOZOE7OCsbYUr28SGD7WUhytwDznwRjK1ZnINkMscQaQZYheTyxkCAOMphoc_8NRIKQK4FSFljQTZo9uU6krjfAp4qKlWNrZVtQfCcoH3OoVVbZz1Iy0 [↩]
