News October 7: Stars Arena was drained of 3 million USD; Galxe was hit by a DNS attack

AVAX increased 20% during the week thanks to the explosion of Stars Arena

At the time of writing, the value of Avalanche's AVAX token reached $10.80, up more than 20% from its low at the beginning of the week of $9.11. This impressive increase is explained by the explosion of Stars Arena in the past week. 

Launched in early September, Stars Arena is a fork of friend.tech, built on Avalanche 's C-Chain . In just 1 month of launch, the platform's trading volume has increased 248%, currently reaching 3.86 million USD. 

Stars Arena fees and revenue. Source Defilama.

Sui Foundation announces ecosystem fund of 51.3 million USD

Sui Foundation announced an ecosystem fund of up to 51.3 million USD, to be used in developing DeFi applications and supporting DeepBook (a Central Limit Order Book (CLOB) built by MovEX and Sui Foundation, serving as the basis infrastructure for DeFi applications). 

According to the Sui Foundation CEO, the ecosystem fund is considered a breath of fresh air for Sui programmers and users. Besides DeepBook, the grants will support DeFi applications in activities such as lending, DEX, and liquid staking. 

Galxe was attacked by DNS, estimated damage was about 150 thousand USD 

On the evening of October 6, the Galxe web3 platform was attacked by hackers. Galxe's X account announced that the project website has stopped working to handle the problem. The project warns users not to connect wallets to the platform during this time. 

According to Immunefi's report, losses of Web3 projects in the third quarter of 2023 increased significantly compared to the third quarter of 2022. Specifically, attacks increased from 30% to 76%, with damage up to 686 million USD. The project with the biggest damage in the third quarter of this year was the Mixin hack on September 25.

Stars Arena was attacked by hackers, causing nearly 3 million USD in damage 

Earlier this afternoon, Stars Arena's official X account was confirmed to have been attacked. Total damage at the time of writing was up to 3 million USD. 

According to the announcement, the project's wallet address has been drained of liquidity. More than 266,201 AVAX, equivalent to nearly 3 million USD TVL of Stars Arena, has been completely transferred to the hacker's wallet.

Immediately after the announcement, Stars Arena's TVL plummeted, dividing nearly 100 times from 2.78 million US to 31,320 USD. 

TVL of Stars Arena at 4:00 pm on October 7, 2023 (According to Defiliama) 
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