SocialFi platform Stars Arena loses another team member after CEO steps down

Stars Arena, an Avalanche-based web3 social finance app, has lost another team member. 

A person with the X username of @KookCapitalLLC has been "relieved of his duties as a Stars Arena team member," the platform wrote. "We are continuing with the transition to a new team without the presence of any former member."

Kook noted on social media that he departed due to "serious issues with management and direction for some time." The departure comes after Stars Arena's CEO, who goes by Chill Pill, stepped down a day earlier on Oct. 29. 

The hack come back

On Oct. 7, Stars Arena experienced an exploit that saw $2.9 million worth of AVAX stolen due to a reentrancy issue. All funds in its smart contract were lost, though user wallets were safe. Stars Arena eventually recovered 90% of the lost funds, with the remaining 10% going to the exploiter as a bounty. 

Following the incident, Stars Arena noted on Oct. 27 that "we've completed our transition to a legal entity allowing us to expand our in-house tech team following the exploit.

"Our immediate priority for the arena is mitigating the bots in an efficient way and enabling faster user moderation with the implementation of a block button," Stars Arena added.

Stars Arena team members did not immediately respond to a request for comment from The Block.