Stars Arena has announced that it has relaunched its application; however, all functions are live at the moment. Stars Arena has said that it has temporarily halted trading functionality on the platform. There will be a separate announcement when the service resumes. Partial reopening is effective this Sunday, per an announcement by the SocialFi protocol.
Stars Arena has further clarified that the trading services will resume only after the audit has been done and the smart contract is open-source for community review.
Approximately 90% of the funds stolen by a malicious actor were retrieved on the platform days before the development. The network suffered a hack on October 7, 2023. The team revealed that the recovery was made possible due to negotiations with the attacker. They were offered a 10% bounty along with 1,000 AVAX tokens. Total funds lost were 266,104, and tokens received were 239,493. Tokens were returned in two equal transactions.
The effect of the hack was evident on the community and the token. According to reports, the hack on Stars Arena increased the trading value of the native token to $9.01, with a volume of approximately 120.36 million. Currently, the market capitalization was down 4.285% to $3,193,448,814.
The platform is now live with limited functionality, and it is expected that all the functions, including trading, will soon go live. Stars Arena is currently undergoing an audit, the conclusion of which will open the doors to trading functionalities.
Also, the smart contract must be open source for public review. It is only then that the team will officially share the announcement that the application is live with all the functions for the users.
