“As of today, Chill Pill has stepped down from his role as CEO. We will continue to take significant steps towards rebuilding trust with our community.”
Rebuilding trust after a drop in TVL
This announcement comes at a time when Stars Arena is striving to rebuild trust within its community. The project has been facing challenges, as evidenced by its current Total Value Locked (TVL) on the chain being less than $330k. This is a significant decrease from its previous high of $2.8 million before it was hit by a hacker attack.
The resignation of Chill Pill and the commitment to take significant steps towards rebuilding trust indicate that Stars Arena is taking these challenges seriously. The team behind the project appears to be focused on improving security measures and restoring confidence among its users.
A challenging phase of the project
This development marks a significant shift in Stars Arena’s leadership and strategy. As the project navigates through this challenging phase, the actions taken by the new leadership will be crucial in determining its future trajectory.
Stars Arena, a social platform backed by Avalanche’s Contract Chain, experienced a significant security breach. The platform, which allows influencers, online content creators, and public figures to monetize their fan base by providing access to exclusive content and offers, was hit by a major exploit.
266,103 AVAX coins worth about $2.85 million stolen
The exploit involved hackers selling zero shares to receive free Avalanche (AVAX) tokens. This malicious activity exploited a broken getPrice() function. The hackers managed to transfer 266,103 AVAX coins, which were worth about $2.85 million at the time.
Following the attack, the value locked within the app fell to zero. The price of AVAX also dropped from $11.56 to $10.78. In response to the attack, Stars Arena issued a warning on their official Twitter account advising users not to deposit any funds.
A recovery and security audit
In an attempt to rectify the situation and rebuild trust with its users, Stars Arena announced that they had recovered 90% of the funds lost to the hack. They also declared that they would reopen the contract with all the funds in full after a full security audit.
This incident underscores the importance of robust security measures in the rapidly evolving digital asset space. It serves as a reminder of the potential risks associated with digital assets and the need for continuous vigilance and proactive security strategies.