Social Platforms • October 15, 2023, 7:46PM EDT
Published 1 minute earlier on
UPDATED: October 16, 2023, 4:24AM EDT

Stars Arena has relaunched but with a pause on trading functionality

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Quick Take

  • Stars Arena has relaunched, but with a pause on trading functionality until a full audit has taken place.
  • The web3 social media app managed to recover 90% of the AVAX tokens taken in the exploit.

The Avalanche-based web3 social finance app relaunched Sunday, but with a pause on trading functionality, according to a Stars Arena post.

"The Arena will re-open on Sunday with a pause on trading functionality. There will be a separate announcement on trading being resumed, shortly after the relaunch," the SocialFi protocol posted on X.com

The app is now live, but trading functionality will only resume after an audit. "Trading will only resume once the full audit has been published and the contract has been open-sourced for community review," Stars Arena said in an additional post.

Coming back from an exploit

Stars Arena was hacked on Oct. 7 for approximately $2.9 million worth of AVAX tokens. The exploit led to the loss of all funds locked in its smart contract.

Following the hack, the social finance platform managed to retrieve around 90% of the stolen funds. The recovery was made possible after a negotiation with the individual responsible for the attack, the team confirmed. The hacker returned 239,493 AVAX in exchange for a 10% bounty, the Stars Arena team confirmed.

Stars Arena is an on-chain social finance app built on the Avalanche blockchain. It operates as a forked iteration of FriendTech, an app that lets you buy tokens that give access to an individual's chat room. 


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