Stars Arena, a decentralized social media platform inspired by Friend.tech, has faced a recent exploit that resulted in the loss of $2,000 worth of Avalanche (AVAX) tokens. The platform, which runs on the Avalanche network, allows users to create and trade digital tickets that represent their social influence.
The exploit involved a vulnerability in the platform’s “getPrice()” function, which allowed attackers to sell zero tickets and receive AVAX tokens in return. However, the attack was not very profitable, as the hackers spent more on gas fees than they earned from the exploit.
THE EXPLOIT HAS BEEN FIXED.
BUT DON’T GET THIS WRONG WE ARE AT WAR.
We’re being targeted by malicious actors in the space that want to steal your money.
The little guy is under attack.
You are under attack.
Your right to platform diversity is under attack.
Don’t get it… pic.twitter.com/DmbMdf9cAq
— Stars Arena (@starsarenacom) October 5, 2023
Stars Arena Blamed Competitors for the Attack
According to Ava Labs CEO Emin Gün Sirer, the attackers spent $0.25 for every $0.04 they made. The Stars Arena team quickly fixed the vulnerability and dismissed the incident as a “coordinated FUD” campaign by “monopolistic forces” that want to stifle innovation and diversity in the social media space.
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
In a series of tweets, the team claimed that they are “at war” with malicious actors who want to steal users’ money and rights. The team also defended its decision to fork Friend.tech, a popular social finance platform that runs on its own blockchain.
They argued that Friend.tech is too centralized and expensive and that users deserve more choices and freedom. They said that Stars Arena is not a copycat, but a “reimagined” version of Friend.tech that leverages the scalability and low fees of Avalanche.
Stars Arena is one of the many platforms that have emerged in the social finance sector, which combines social media and cryptocurrency to create new ways of monetizing online content and influence. Other examples include Alpha on Bitcoin, Friendzy on Solana, and PostTech on Arbitrum.
Despite the competition, Friend.tech remains the dominant player in the market, with over $293 million in monthly trading volume. The platform has attracted many celebrities and influencers who have created their own tokens and communities on Friend.tech.
The price of Avalanche’s AVAX remained mostly in the green during the controversial exploit, rising nearly 6% in the last 24 hours, and is currently trading at $10.59 according to CoinMarketCap.