Stars Arena, a SocialFi clone of FriendTech, has successfully recovered the majority of its lost funds.
A total of 266,104 AVAX was compromised. Stars Arena managed to reclaim 239,493 AVAX through two separate transactions, each involving 119,246 AVAX.
The agreed-upon bounty amounted to 26,610 AVAX, with an additional 1000 AVAX from the bridge, bringing the total to 27,610 AVAX.
Stars Arena said it negotiated with the responsible party to retrieve lost assets.
In exchange for the funds, a 10% bounty fee was paid, in addition to 1000 AVAX that had been lost in a bridge.
Prevention for Future Exploits
According to a recent update on the X, Stars Arena's technical team has developed a new smart contract that will undergo a comprehensive contract audit in collaboration with Paladin Blockchain Security.
The new contract will be open-source upon the completion of the audit and will be a verified contract with a pause mechanism before relaunch.
The team has also moved their original fee wallet to a new Gnosis Safe wallet.
The recovered funds are slated to be directly transferred to the contract upon the successful conclusion of the audit.
Stars Arena Hacked
Stars Arena last Saturday reported a significant security vulnerability within its platform.
Approximately $2.9 million worth of Total Value Locked (TVL) was been siphoned from the platform's smart contract.
Stars Arena's impact on the Avalanche network has been evident, with a substantial increase in network transactions.
Transactions surged from nearly 200,000 on October 1st to over 570,000 by October 4th, as confirmed by the Avalanche explorer.