Avalanche-based decentralized social network Stars Arena made headlines at the beginning of the month but became a victim of cybercrime not much later
Stars Arena notified its users that about $2.22 million worth of assets had been recovered. The team also stated that it had written an entirely new smart contract, which will be launched soon. The exploiter that caused the loss of $2.9 million worth of funds will also be rewarded with $256,500 worth of AVAX as bounty. . The SocialFi project witnessed an exploit that led to the protocol being halted and redeveloped. Nevertheless, to the users’ relief, the lost funds have been mostly recovered.
The value of the 90% recovered fund amounts to 239,493 AVAX, which is presently worth $2.22 million, down from $2.55 million. Furthermore, the team had to pay the exploiter as well for cooperation and return of the stolen funds. Stars Arena stated that 10% of the lost AVAX was given as a bounty in addition to 1,000 AVAX that were lost in a bridge, coming up to 27,610 AVAX worth over $256,000.
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