Stars Arena recently lost $3 million worth of user funds in a hack. Sadly hacks in the crypto space have now become an everyday story and it is very painful, but at least they a putting in effort to make the user according to this statement, “We are deeply sorry for what happened. Our smart contract was exploited and the funds were drained. The site is currently under DDoS attack. We are working on a solution to get everyone’s funds recovered and have the Arena move forward. We are working on a solution to get everyone’s funds recovered and have the Arena move forward,” the team said.
Hacks in the crypto space are becoming very common and that is very bad for the reputation of the crypto space. This $3 million loss in Stars Arena is a cautionary tale for all crypto enthusiasts like me, you, and for all crypto projects and exchanges out there. Security should never be compromised and should be the number one priority for all crypto exchanges, crypto projects, and blockchain networks. As a crypto holder, we should always use multi-factor authentication and cold storage for significant amounts. But sadly a lot of us still have our coins stored on centralized crypto exchanges or hot wallets that a prone and open to hacks.
According to all the people online angry about the recent hack, they say that crypto is as safe as you make it. Crypto gives you all of the tools to be very secure. They are incredibly difficult to use for the average person. People lose a lot due to the effort required to implement good security practices.
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