Stars Arena receives nearly 90% of the lost funds

Stars Arena has posted an update, informing the community that the team has recovered approximately 90% of the funds that were lost previously. The development comes as Stars Arena reaches an agreement with the individual behind the drainage. They have been awarded 10% of the bounty along with 1,000 AVAX tokens.

Total funds lost were 266,104 AVAX. The total funds received stand at 239,493 AVAX. These were received in two transactions of 119,246 each. The bounty, therefore, comes to 27,610 AVAX, including 1,000 tokens.

The community has responded positively to this development, but the native token has not. Members are calling it a great deal at a time when the token has slipped by 4.32% in trading valuation in the last 24 hours. AVAX was last seen exchanging hands at $9.01. The volume is somewhere around 120.36 million. The market cap of AVAX has fallen by 4.28% to touch $3,193,444,814.

Stars Arena is presently reviewing the comprehensive smart contract developed by the technical team led by Locrian. After the team has finished the auditing procedure, it will become open-source. Stars Arena is concurrently evaluating its servers to determine if the relaunch’s traffic can be handled.

Stars Arena was recently down for maintenance. The incident followed the announcement of a partnership with Paladin Blockchain Security. It highlighted the commitment to elevating security infrastructure. Stars Arena has called the association a pivotal addition to its ongoing dedication to sustainable growth and security. Moving forward, the objective is to scale up and make things right for the community.

On October 7, 2023, Stars Arena reported a serious security breach. Deposits were recommended not to be made by anyone on the platform. It was later revealed that the scammer had found a way to exploit smart contracts and drain funds from the network. The site remained under the DDOS attack.

It was only two days before that day that Stars Arena assured the community of having fixed the exploit. The community was warned that bad actors were still in play to steal funds from the network. Stars Arena had called it a coordinated FUD with malicious actors trying to spend $5 to drain $1 in Total Value Locked from the platform.

Exploits are on the rise, and at a bad time, one can assume. The entire crypto industry is going through a prolonged winter phase. Tokens are severely down on the trading board. For instance, BTC and ETH have slipped below their resistance, with little room left for them to make a strong recovery before the current year ends. Altcoins and stablecoins carry the image of the crypto industry, but it is expected that stablecoins would rather walk alone after a couple of days if altcoins lose momentum.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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