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

Quick Take

  • The Avalanche-based social finance platform Stars Arena lost a team member who goes by Kook Capital LLC. 
  • The departure comes one day after the platform’s CEO, who goes by Chill Pill, stepped 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. 


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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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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