Avalanche-based social finance platform Stars Arena has created much fanfare. However, an attack he experienced became a turning point for him. In a recent development, ‘Kook Capital LLC’ lost a team member with the pseudonym. This shows that the loss of blood continues on the SocialFi platform after the resignation of the CEO.
Stars Arena’s star never shines!
The decline continues in the Avalanche-based Web3 social finance application. The latest departure comes a day after the platform’s CEO, who goes by the name Chill Pill, resigned. The platform wrote that a person with the username ‘KookCapitalLLC’ In this context, “We continue the transition to a new team without our old member.” said.
Kook stated on social media that he was leaving due to “serious issues with management and direction for some time.” The departure follows the resignation of Stars Arena’s CEO, who goes by the name Chill Pill, a day earlier on October 29.
Project was hacked, but recovered funds
Stars Arena suffered a serious attack on October 7 due to a reentrancy issue. In this hack, attackers stole $2.9 million worth of Avalanche (AVAX). Meanwhile, user wallets remained unharmed and safe. However, he lost all the funds in his smart contract. Stars Arena eventually recovered 90% of the lost funds. Additionally, he gave the remaining 10% as a reward to the abuser. Following the incident, Stars Arena made the following statement on October 27:
Following the exploit, we completed our transition to a legal entity that allowed us to expand our in-house technology team. Our immediate priority for Stars Arena is to effectively reduce bots and enable faster user moderation through the implementation of a block button.
Avalanche is shutting down its Snowtrace browser!
Avalanche (AVAX) attracted attention on Monday as its price rose over 2%. However, Avalanche’s blockchain browser made a recent announcement regarding Snowtrace. cryptokoin.com As we reported, Snowtrace will cease operations at 03:00 UTC on November 30th. This development created a sense of urgency among the platform’s users. They also now have a limited time frame to download custom name tags and contract verification data before the opt-out takes effect. Known as a C-Chain block explorer, Snowtrace was developed by the team behind Etherscan, a well-known name in the Blockchain industry.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!