Ava Labs CEO Emin Gün Sirer tweeted the attackers spent much more money compared to the revenue they obtained from this attack. In his tweet, Sirer pointed out that the attackers spent $0.25 for each $0.04 gain.

However, these attacks repeated again. Because of this, the ongoing attack led to much bigger damage. So, this attack caused that Stars Arena Lost $2.9 Million.

Our initial analysis on today’s @starsarenacom $2.9M hack indicates a reentrancy issue on the Stars Arena: Shares contract at https://t.co/Hg6C8MCPan

The reentrancy is abused to update the weight when the share/ticket is issued so that 1 share can be sold at a much higher price… https://t.co/17CxO3uLbe pic.twitter.com/fouVjevYTs

— PeckShield Inc. (@peckshield) October 7, 2023

The analyses made on this last Stars Arena attack reveal how the hackers carried out and stole millions. According to the PeckShield Inc.’ s report, a Blockchain security and data analysis company, the hackers carried out the attack  through a reentrancy issue in the Stars Arena: Shares contract. The reentrancy issue is exploited to update the weight when the share/ticket is issued, so that 1 share can be sold at a much higher price or about 274 thousand $AVAX.

There has been a major security breach with the smart contract.

We’re actively checking the issue.

DO NOT deposit any funds.

Stay tuned for updates.

— Stars Arena (@starsarenacom) October 7, 2023

In a statement, the team of Stars Arena informed users not to deposit any funds. Also, they said that work is ongoing due to the security breach that occurred.

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The post Stars Arena Lost $2.9 Million Due to a Hack Attack! appeared first on Coin Engineer.

AVAX token plays a critical role in Avalanche Network. It is used to pay transaction fees and ensure the security of the network. It acts as the basic unit of account across different blockchains within the Network.

The platform boasts a high transaction capacity, capable of handling up to 4,500 transactions per second.

Since its launch in 2020, Avalanche aims to provide a fast, flexible, secure, affordable, and user-friendly experience. The best part is that Avalanche is an open-source project, meaning anyone can view its code and contribute to its development.

What is AVAX Coin?

AVAX coin is the native cryptocurrency of the Avalanche platform. It serves multiple purposes within the blockchain. It is used to secure the network and pay transaction fees across the entire network. The governance model of Avalanche determines the transaction fees and the rate at which AVAX coins are created.

You might like it: What Is Uniswap?

How Does Avalanche Work?

1. Exchange Chain (X-Chain): This blockchain enables the creation and trading of digital assets, including cryptocurrencies. Transaction fees on the X-Chain are paid using AVAX coins.
2. Platform Chain (P-Chain): P-Chain acts as a metadata platform that coordinates validators within Avalanche. It also facilitates the creation of new subnets, allowing developers to build their own blockchains.
3. Contract Chain (C-Chain): C-Chain is a blockchain specifically designed for smart contracts. It utilizes the Ethereum Virtual Machine and is powered by Avalanche.

Avalanche consensus protocol and proof-of-stake system are used to verify transactions. The consensus protocol employs a process called repeated subsampling voting, where a random subset of validators is selected to verify transactions. These validators respond by accepting or rejecting the transaction.

Who is Emin Gun Sirer?

Emin Gün Sirer is a famous computer scientist, entrepreneur, and blockchain expert. He is a professor at Cornell University, co-founder and CEO of Ava Labs, and co-director of IC3. Emin Gun Sirer has made notable contributions to consensus protocols and is highly respected in the cryptocurrency community.

How to Get AVAX Coins?

AVAX coins can be obtained by trading on various cryptocurrency exchanges. If you wish to invest in Avalanche, you need to create an account on one of the exchanges where AVAX is listed. Some popular exchanges where you can find AVAX include Binance, OKX, BingX, and Bybit. Once you have an account on one of these exchanges, you can buy AVAX coins and start participating in the Avalanche ecosystem.

You can present your own thoughts as comments about the topic. Moreover, you can follow us on Telegram and YouTube channels for the kind of news.

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