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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The Avalanche-based cryptocurrency social media platform Stars Arena announced that it has successfully recovered a large portion of the funds lost during the recent security breach. The platform managed to recover almost 90% of the total 266,104 AVAX stolen as a result of the attack.

According to the Stars Arena update, Stars Arena successfully recovered 239,493 AVAX in two separate transactions, each totaling 119,246 AVAX. This represents a significant portion of the total funds initially lost.

The recovery of the funds was possible as a result of a deal between the platform and the hacker. The hacker expressed a willingness to return the stolen funds and cooperate. In a message published on Onchain, the expression “I want to cooperate” was noteworthy.

Stars Arena agreed to pay a reward fee of 10% of the recovered amount in return for returning the funds. It also agreed to pay compensation for 1,000 AVAX lost during the recovery process at a bridge, which brought the total reward amount to 27,610 AVAX.

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The team of FriendTech launched it in August. The app is a platform that allows users to connect their Twitter accounts and facilitates the buying or selling of impressive profile tokens with ETH on Layer 2 network Base backed by Coinbase.

FriendTech Has Become the Best SocialFi app on the market.

According to DeFiLlama data, the project is the highest revenue generating app on Base and the best SocialFi app on the market with a volume of 45 Million Dollars and projects annual revenue of 180 million dollars at this pace.

So far, the platform has generated a revenue of 40 million dollars from its users. The developers generate this revenue by taxing approximately 10% of the transaction volume of social tokens. Half of this total fee is distributed as revenue to the project team, while the other half is distributed to users who have swapped their shares.

So far, there have been many apps similar to FriendTech causing a decrease in its volume. The hacking of Stars Arena (SocialFi app) that becomes popular previous days did not affect the marketplace badly. Thus, FriendTech still retains its leadership on the top of the list.

Besides, FriendTech’s founder ‘0xRacer’ generated a revenue of $20 million along with more than $440,000 of revenue apart from the platform.

Related: Can Friend.Tech Project Be Fake?

Security Issue for Users

The platform recently encountered difficulties in terms of user security and carried out improvements on this issue. After numerous SIM swapping attacks aimed at users, the project offered users to switch from phone numbers to e-mails.

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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.

Reasons for the Rise

The reasons for this rise are based on both technical analysis factors and fundamental factors. In technical analysis, the breakthrough of the falling trend on September 26 which led to the start of a corrective movement attracted investors and opened up buying opportunities.

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Moreover, the popularity of the Avax-backed Stars Arena application could be a factor which increases Avax’s value. This application has begun to increase interest in Avax, and the fact that transactions are made with Avax has increased demand for Avax.

In the AVAX chart in the 4-hour timeframe, we have 4 order blocks. These order blocks may indicate key resistance points and potential reaction areas for AVAX.

If AVAX reacts from these regions, it could make a falling movement back towards the falling trend. However, it is very difficult to predict which band will return because it is not possible for us to know where the “Smart Money” will fill its position.

Smart Money – This term usually refers to capital controlled by institutional investors, market experts, central banks, funds or finance professionals whose main job is money management.

By paying attention to the changes in long-short ratios and liquidation rates, we can try to predict the points where a turnaround could occur.

When we look at the funding rate on the AVAX side, we see differences on this issue in different exchanges.

Even though the funding fee is mostly in a positive state, the fact that this fee is not at very high levels reduces the possibility of sharp movements on the chart. In this case, we can predict that the rise may last a bit longer.

If we look at a possible drop scenario on the AVAX side, we can examine the regions where we can react.

First of all, there is a resistance region at the level of $9.93 ahead. If this level is broken, we may see a move towards the level of $9.23. The level of $9.23 is an important support level and the loss of this level could take us to the order block level.

This level is also an important support point as a point that coincides with the resistance level of the falling trend. Therefore, the breaking of this level could lead to the continuation of the falling trend on AVAX side.

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Inspired by Friend.tech, the team behind Stars Arena , denied the event referred as “coordinated FUD” after they closed a security vulnerability that caused hackers to capture $2000 from the Avalanche-based decentralized social media platform.

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On October 5, the team stated that the vulnerability had been fixed in a post on Twitter. ‘Don’t misunderstand, but we’re in the middle of a war,’ they said.

THE EXPLOIT HAS BEEN FIXED.

BUT DON’T GET THIS WRONG WE ARE AT WAR.

We’re being targeted by malicious actors in the space that want to steal your money.

The little guy is under attack.

You are under attack.

Your right to platform diversity is under attack.

Don’t get it… pic.twitter.com/DmbMdf9cAq

— Stars Arena (@starsarenacom) October 5, 2023

The attack was proven to be economically unviable for the attackers. This attack caused a big increase in Avalanche’s gas fees. This made the gain from the hack much more costly than expected.

As a result, it was claimed that the attackers spent more on gas fees than they earned from this vulnerability.

Ava Labs CEO Emin Gün Sirer posted a Tweet related to the topic. In his tweet, the CEO emphasized that for every $0.04 gained from the vulnerability, hackers spent an average of $0.25.

So much FUD about a Stars Arena exploit that has (1) already been fixed, (2) cost the attacker $0.25 to make $0.04, and (3) the attacker extracted a sum total of only $2,000. Now that it’s over, let’s get back to having fun in the arena.

— Emin Gün Sirer (@el33th4xor) October 5, 2023

Despite the relatively unsuccessful exploitation, members of the crypto community criticized the Stars Arena team.

Finally, it’s worth remembering that the Stars Arena platform is the latest application to join the growing list of social finance platforms like Alpha in the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum.

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The post Stars Arena Eliminates FUD by Closing Security Vulnerability! appeared first on Coin Engineer.

Stars Arena, operating on the Avalanche network and known as a decentralized social media (DeSo) or another popular name, SocialFi application, is experiencing a noticeable growth and impact recently. This platform, launched at the end of September, runs on a blockchain specially designed for the Avalanche ecosystem taking inspiration from similar applications.

You Might be Interested: What is Stars Arena?

Stars Arena, which has caused an increase of more than 186% in activities on the Avalanche C-Chain network in the last two days, has led to an increase of more than 8% in the value of the local AVAX token with this rise. The platform recorded impressive growth on the Avalanche C-Chain, which is specially designed to run smart contracts.

The Transaction Volume Has Reached $3.26 Million In Stars Arena (SocialFi)

According to the latest published data, there are currently more than 10,000 unique active wallets on the platform. According to DappRadar‘s data, the total transaction volume on the platform in the last two days exceeded $3.26 million. Besides, it has done a little over 462,000 transactions.

The DefiLlama data, used to measure Stars Arena’s impact in the DeFi field, shows that the total locked value (TVL) of the platform has exceeded 1 million dollars. However, this figure is still lower when compared to the TVL of 44.27 million dollars of similar platforms.

The platform has adopted a model that allows users to integrate their X (Twitter) accounts. While users use the AVAX to purchase other users’ “tickets”, these transactions bring a small fee cut to the platform.

Stars Arena offers users a unique experience where buying tickets provides access to private chats. Unlike similar applications, the growth and impact of Stars Arena are making a significant contribution to the Avalanche ecosystem.

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Stars Arena, the new favorite of the crypto world, is a SocialFi project developed on the Avalanche (AVAX) network. Moreover, this platform was brought to life by a developer known as the Builder, @hannesxda. Stars Arena, which has a structure similar to Twitter, harbors many attractive features for crypto users.

It has various prominent features such as Airdrop rewards, referral system options, share trading, user rankings, portfolio tracking, group messaging, and tipping feature.

Users can earn airdrop rewards, trade shares, and win various prizes as they are active on the platform and complete certain tasks. This is so intriguing according to users. The platform’s simple registration process, integration with Twitter, and user-friendly interface offer an attractive social media experience for crypto enthusiasts.

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How to Buy Shares With Stars Arena?

We mentioned the platform’s ability for users to buy shares directly from their accounts or from celebrity accounts. This process very simple and understandable. Let’s assume, for example, that you want to buy a share of the Coin Engineer account. The first thing you need to do is find the Coin Engineer account from the search section as follows:

In the ‘Buy’ section on the page that opens, you can see the current Avax value of 1 ticket (Share). Thus, To buy, just press the ‘Buy‘ button. Of course, in order to make a purchase, you first need to transfer Avax to your wallet within the app.

Users can follow their portfolios on the platform and join group chats they own shares in. Also, with the group messaging feature, they can interact with other users.

Stars Arena offers users a tipping feature. This feature allows them to send tips to users whose content they like or appreciate using cryptocurrencies.

How to Collect its Airdrop Points?

There are various ways to collect points to earn airdrop rewards on Stars Arena. Additionaly, users can accumulate points by trading shares, making referrals with their referral code, benefiting from fluctuations in share prices, creating topics and threads, participating in interactions on the platform, generating tipping volume, and using referral system methods.

In addition, getting 1% of the transactions made by people they refer helps users increase their airdrop points by forming an active community within the platform. Shares’ buying and selling stand out as one of the fastest ways to accumulate points, and users can both earn a commission fee and increase their points for the airdrop by following the prices of shares on the platform.

If you like Star Arena, don’t forget to follow us!

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post What is Stars Arena? How to Obtain Airdrop and Earnings? appeared first on Coin Engineer.