The on-chain social platform, Star Arena, has recently announced a successful recovery of assets that were drained from its platform over the weekend. This recovery was made possible through an agreement reached with the hacker.
Asset Recovery and Compensation
Star Arena revealed in a post on X (formerly Twitter) that they were able to recover 90% of the user assets. As part of the agreement, the hacker was offered a 10% bounty. The recovered assets amount to 90% of 266,000 Avalanche (AVAX) tokens, with an approximate value of nearly $3 million. In return, the hacker received 27,610 AVAX tokens, which is approximately $257,000.
“We are pleased to announce that we have successfully recovered a significant portion of the user assets, thanks to our agreement with the hacker. This recovery is a testament to our commitment to the security and well-being of our users.”
Additionally, the hacker is set to receive compensation of about 1000 AVAX tokens for the losses they had incurred in a bridge with the platform.
Enhancing Security Measures
Following the incident, Star Arena has taken steps to enhance the security of its platform. They have developed a new smart contract to ensure the safety of recovered funds before making a subsequent rollout. The team at Star Arena is dedicated to ensuring the utmost security for its users.
“We have taken the necessary measures to fortify the security of our platform. Our development team is working diligently to audit the smart contract and implement the required improvements. We are committed to providing our users with a safe and secure environment.”
Star Arena is a web3 social platform built on the Avalanche network, allowing users to monetize their content and popularity while linking their Twitter accounts and trading with AVAX. It is a rapidly growing platform that has garnered significant traction in recent months.
Recovery from Recent Hacks
This incident is not isolated, as both Star Arena and its competitor, Friend.tech, have experienced similar hacking incidents. Friend.tech suffered a significant incident where some accounts were drained, resulting in the loss of $385,000 in Ether.
The incidents have brought attention to the importance of conducting thorough security audits of the smart contracts to prevent such attacks in the future. Observers and users have emphasized the need for diligent security measures to protect user assets.
Star Arena has acknowledged the challenges it faced and expressed its commitment to addressing these issues head-on. Their team is working diligently to enhance security protocols and ensure the full recovery of all user assets. They are confident that they will achieve this goal with the help of a specialized white hat development team.
“We apologize for the inconvenience caused and assure our users that we are actively working towards resolving this matter and restoring their confidence in our platform.”
