With only a 10% reward going to the perpetrator of the hack, Web3 social networking platform Stars Arena has been able to retrieve the majority of the cryptocurrency that was stolen on October 7 during a security breach.
On October 11, Stars Arena tweeted that over 90% of the 266,000 Avalanche (AVAX) tokens, which were worth about $3 million at the time of the heist, had been returned.
This was accomplished through a deal wherein Stars Arena promised the person who abused the system a prize of 27,610 AVAX, or about $257,000, in exchange for coming forward.
AVAX tokens worth over $9,000 that the exploiter allegedly lost while utilizing a bridge were also replaced as part of the award.
Stars Arena announced that they had developed a new smart contract in another post. They are making sure the new contract is thoroughly vetted for security flaws before they put the money that was refunded back and start utilizing it.
Stars Arena first alerted its neighborhood to a serious security issue on October 7. Their smart contract was to blame for this issue, which cost money.
Stars Arena said in a later post that they had received funding to fill the hole left by the security problem and engaged a development team to carry out a thorough security review. The team has not yet provided specific information about how the security issue came about.
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