Security Vulnerability in AVAX-Based Stars Arena: Statement from Emin Gür Sirer!

According to The Block, the social platform Stars Arena, which was established on the Avalanche (AVAX) network and launched recently, may be facing a security vulnerability.

While the AVAX-based platform Stars Arena has continued to be on the agenda of investors since its launch, it has also had a positive impact on the price of AVAX.

However, Stars Arena may be facing a security vulnerability that could result in a loss of $1 million.

At this point, an analyst on X known as ‘lilitch.eth’ said that he found a security vulnerability in Stars Arena’s smart contract, and thanks to this vulnerability, hackers could transfer funds from the platform.

@starsarenacom, you fucked up

1.1 million dollars are being drained right now because of noob devs who couldn’t make a copy of https://t.co/h7traLwG9i that will work properly

If you hold ANY SHARES in StarsArena you should sell while you still can

read next⬇️ pic.twitter.com/HzgXvJc8ju

— lilitch.eth (@0xlilitch) October 5, 2023

Funds exceeding $1 million are at risk due to this security vulnerability. However, despite this vulnerability, it is thought that the high transaction fees on the Avalanche network will be a deterrent for hackers. Because trying to extract funds from the protocol may not be profitable for hackers.

While the Stars Arena security vulnerability was being discussed, Avalanche CEO Emin Gün Sirer confirmed this vulnerability and the hacking incident. However, Stating that the problem has been resolved, AvAX CEO said:

“ There is a lot of FUD regarding a Stars Arena exploit that has already been fixed, where it cost the attacker $0.25 to make $0.04, and the attacker only made $2,000 in total.

“Now that this has been resolved, let’s get back to having fun in the arena.”

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

What is Stars Arena?

Stars Arena allows users to link their X accounts, making it easy to buy or sell other users’ profile tokens with Avalanche’s native currency, AVAX.

The app automatically creates a wallet for users, allowing them to deposit money into Avax and start using the service.

*This is not investment advice.