How Did Stars Arena Use a 10% Bounty to Recover Stolen Crypto? 👀
Stars Arena, a Web3 social media platform, #recovered nearly 90% of the crypto stolen in an October 7 exploit, worth around $3 million, by agreeing to pay a 10% bounty, equivalent to 27,610 AVAX, worth nearly $257,000, to the exploiter.
This bounty also compensated for 1,000 #AVAX worth over $9,000 seemingly lost by the exploiter in a bridge.
Stars Arena is finalizing an audit of a new smart contract before placing the returned funds and relaunching the platform. The initial #exploit was caused by a security breach in the smart contract, but they've since secured funding and contracted a development team to address the issue.
Additionally, Stars Arena's competitor, Friend.tech, faced SIM-swap attacks and has implemented security features to counter them.
