Team Changes and Accusations Fly
Another team member has recently left the Avalanche-based social finance platform Stars Arena, leading to a heated situation with criticism and accusations flooding the comments sections.
According to a tweet posted on Monday evening (UTC time), “as of today, KookCapitalLLC has been relieved of his duties as a Stars Arena team member.” Yesterday, Kook tweeted his resignation from Stars Arena, citing issues with management and direction for quite some time.
Furthermore, there have been concerns raised by commenters who are requesting more clarity on the current situation. Some even speculate that a “rug pull,” a sudden and deliberate collapse of a project, might be imminent.
“We will continue to take significant steps towards rebuilding trust with our community,” said Stars Arena in a statement when Chill Pill, the former CEO, stepped down on October 29.
This announcement followed a previous statement by Stars Arena on October 27, where they admitted their failure to meet development expectations and explained that they transitioned to a legal entity, allowing an expansion of their in-house tech team.
The Exploit and aftermath
Stars Arena experienced an exploit on October 7, resulting in the theft of nearly $2.9 million worth of AVAX tokens. However, the team managed to recover 90% of the assets, offering the hacker a 10% bounty.
After relaunching on October 15, Stars Arena announced a partnership with Avalaunch, a protocol for the Avalanche ecosystem, to guide them through their funding round. However, Avalaunch clarified on October 30 that the partnership was informal and has since ended.
