Stars Arena secures resources to cover losses following $2.9 million security breach

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Stars Arena secures resources to cover losses following $2.9 million security breach

Stars Arena, a social media dApp based in Avalanche, has responded to a recent $2.9 million security breach by securing the necessary resources to cover the associated losses.

A white-hat team has been assigned to conduct a security assessment on the platform. The team consists of ethical hackers and will conduct a thorough assessment of the platform for security flaws.

The platform has vowed to re-enable its smart contract, with insiders hinting that this move is on the horizon.

The platform's response follows two recent security concerns: the aforementioned breach on Oct. 7 and a separate $2,000 unauthorized withdrawal on Oct. 5.

Stars Arena has been a topic of discussion in the cryptocurrency community since its launch in late September and due to its similarities with the base-native platform, Friend.tech. The recent security incidents have increased this focus.

Peckshield provided details about the exploit, which was classified as a reentrancy issue. Following the breach, data from DefiLlama showed a significant drop in Stars Arena's total value lockeded, now standing at $0.051.

The Web3 universe is expanding, with security challenges looming as a result.

In a quarter of the quarter, blockchain security entity Immunefi reported a staggering $685.51 million in assets lost to malevolent actors in the third quarter of 2023.

With a net worth of over $662.85 million, Cryptocurrency breaches accounted for a significant 96% of this figure, encompassing over 76 discrete incidents. A breach aimed at the Mixin Network emerged as the most severe - resulting in a $200 million loss.

These incidents underscore the vital importance of constant security improvements to ensure both assets and trust remain intact on platforms like Stars Arena and the broader crypto community.