Stars Arena is a SocialFi protocol built on the AVAX-C chain, designed as an emulation of the recent trending SocialFi project, Friend.tech, with some differences in details. At one point, Stars Arena's daily income even surpassed that of Friend.tech, reaching a peak TVL of $2.9 million.
On October 7th, Stars Arena posted a message on the X platform stating: 'Critical security vulnerability detected in the smart contract, please refrain from depositing any funds.
According to statistics from PeckShield, Stars Arena suffered a loss of approximately $2.9 million, with all assets being in the form of AVAX.
The latest official update from Stars Arena states that they have secured resources to compensate for the losses incurred due to the breach. A specialized white-hat team will be involved in reviewing platform security, and following a comprehensive audit, the contract will be restarted. It is expected to be completed within a few hours.