According to the announcement, “The Arena will reopen on Sunday with trading functionality suspended. A separate announcement will be made about the resumption of trading shortly after restarting.”

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Stars Arena managed to recover approximately 90% of the funds frozen as a result of the attack. The team confirmed that the recovery was the result of negotiations with the person responsible for the attack. It was stated that the attacker returned 239,493 AVAX in exchange for a 10% reward.

However, the platform has currently suspended its trading functionality until it undergoes a full audit process. The Stars Arena team stated, “Trading will only continue after the full audit is published and the contract is made open source for community review.”

Stars Arena is a chain-level social finance application built on the Avalanche blockchain. The platform offers users the ability to buy tokens and access chat rooms. The application, operating as a forked iteration of FriendTech, is attracting wide interest from the crypto community.

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Platypus Finance quickly responded to this breach by temporarily suspending all liquidity pools. The project issued a statement on the matter, saying, “We have taken necessary measures to temporarily suspend all pools due to suspicious activities in our protocol. Other updates will be promptly relayed to the community.”

A flash loan attack is exploiting this security gap, specifically targeting the AVAX-sAVAX liquidity pool. Flash loans are a critical feature of decentralized finance that allows users to borrow assets without collateral, but with the condition of repaying the loan within the same transaction block.

Unfortunately, this type of security breach is not a new situation for Platypus Finance. The protocol encountered a similar event in February 2023 targeting the newly launched stablecoin USP in a flash loan attack. During this previous event, perpetrators stole an estimated $8.5 million from the project.

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The post Platypus Finance on Avalanche (AVAX) Network Falls Victim to Hack Attack! appeared first on Coin Engineer.