July 16, 2024
Stars Arena's SocialFi App Addresses 'Coordinated FUD' and Patches 'Noob' Vulnerability
Latest Cryptocurrency News

Stars Arena’s SocialFi App Tackles ‘FUD’ and Fixes ‘Noob’ Issue

The team behind the Stars Arena protocol, inspired by Friend.tech, has responded to what they label as “coordinated FUD” (Fear, Uncertainty, Doubt) after addressing an exploit that resulted in attackers making off with $2,000 from the decentralized social media platform, which is based on Avalanche.

In a post on Twitter on October 5th, the Stars Arena account announced that the exploit had been fixed and emphasized that they were actively addressing the situation. A pseudonymous user, “0xlilitch,” criticized Stars Arena, suggesting that their “noob devs” had overlooked a vulnerability in the platform’s pricing function that allowed attackers to sell zero users “tickets” in exchange for essentially free Avalanche AVAX tokens. However, it appears that the attack vector turned out to be economically unviable for the attackers. The exploit itself caused a significant increase in gas fees on the Avalanche network, making it much more expensive for the attackers to extract their earnings from the hack than originally anticipated.

Consequently, it is believed that the attackers ended up spending more on gas fees than they actually gained from the exploit.

Emin Gün Sirer, the CEO of Ava Labs, pointed out in a post on X that for every $0.04 earned from the exploit, the attackers spent an average of $0.25. Despite the relatively unsuccessful nature of the exploit, members of the cryptocurrency community were quick to criticize the Stars Arena team.

The pseudonymous founder and developer of Delegate, known as “Foobar,” strongly criticized the platform, asserting that it mishandled its fork of Friend.tech and advising Stars Arena to “delete your account and product, clownshow.”

Stars Arena is the latest addition to a growing list of social finance platforms, including Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. However, Friend.tech continues to lead the market with a monthly trading volume of over $293 million, surpassing the next-closest app, PostTech, by more than $283 million.

Image by starline on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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