Stars Arena Hacked: Memeinator Token Sale Gaining Momentum
The crypto sector’s social finance, or SocialFi, is experiencing rapid growth.
Stars Arena, a popular social app, has recently announced a significant security breach in its ecosystem.
In the meantime, the Memeinator token sale has been gaining significant traction, raising over $643k in just a few days.
On Saturday, Stars Arena, a fast-growing social app, reported a major attack, following another attack that was prevented by the developers. In a Twitter post, the developers disclosed that the attack resulted in the theft of over $3 million, leaving them with just $1.
Stars Arena, which drew inspiration from the social app Friend.Tech, has attracted over 100k users in the past few months. While Friend.Tech is built on the Base Blockchain, Stars Arena operates on Avalanche. According to DappRadar, Stars Arena has gained over 20k users in recent days.
The success of Stars Arena has also positively impacted the performance of AVAX. The price of AVAX surged to $11.88 on Saturday, only to drop to $10.40 following the hack. The developers assured their followers that they have secured the necessary resources to recover from the breach and are conducting a thorough security audit.
Important news: we have secured the resources to close the gap caused by the exploit.
Additionally, a special white hat development team is coming in to rapidly review the security of the platform.
We will re-open the contract with all the funds in full after a full security…
— Stars Arena (@starsarenacom) October 7, 2023
Memeinator Token Sale Continues
Another significant crypto news story of the week is the ongoing token sale of Memeinator. The sale has been immensely successful, with the developers raising over $643k, cementing its position as one of the fastest-growing tokens in the industry. You can purchase the token using ETH, USDT, or BNB here.
Memeinator aims to become the largest meme coin globally, aiming to disrupt a market currently dominated by the likes of Shiba Inu, Dogelon Mars, Floki Inu, and Pepe.
While cryptocurrency prices have declined in recent months, meme coins such as Pepe, Shiba Inu, and DOGE remain worth billions of dollars.
The key differentiating factor for Memeinator is its integration of artificial intelligence (AI). AI has become a major trend in the market following the success of ChatGPT, Google Bard, and Anthropic.
In the current year alone, OpenAI, the parent company of ChatGPT, secured a $10 billion investment from Microsoft, while Anthropic raised $4 billion from Amazon. Total AI investments this year have surpassed $20 billion.
Memeinator plans to leverage AI in various ways, including powering games and other dApps within its ecosystem.
Memeinator will have a total token supply of 1 billion, with 62.5% of the tokens being sold in a 29-stage presale, with each stage seeing a price increase. You can read the Memeinator white paper here.