Arena SocialFi
Summary
Arena SocialFi (originally Stars Arena, rebranded to The Arena) is an Avalanche-based SocialFi platform launched September 2023. The platform suffered a critical reentrancy exploit on October 7, 2023, losing approximately $2.9 million in AVAX; it subsequently recovered ~90% of stolen funds via a bounty agreement. Following the hack, the original team dissolved and the platform was acquired and rebuilt under new leadership, launching the ARENA token in 2024 and raising $2 million in pre-seed funding.
Connected Entities
1 entities- + 2 more
Timeline(12 events)
2023-09-27
Stars Arena launches on Avalanche C-Chain as a friend.tech competitor, built by pseudonymous developer 'theBuilder'.
2023-10-05
First exploit: attacker extracts approximately $2,000 in AVAX via a price function vulnerability. Avalanche Labs founder Emin Gun Sirer downplays the issue publicly.
2023-10-07
Second exploit: reentrancy attack drains 266,103 AVAX (~$2.9 million) from the Stars Arena smart contract, leaving it with less than $1. Team announces breach and halts deposits.
2023-10-11
Stars Arena announces 90% fund recovery after paying the exploiter a 10% bounty (~$257,000 plus 1,000 AVAX). New smart contract development begins with Paladin Security audit.
2023-11-01
Stars Arena CEO 'Chill Pill' resigns. Team member 'Kook' also departs citing management issues. Platform is acquired by a new team.
2024-01-01
Platform relaunches as 'The Arena' under new CEO Jason Desimone and COO Phillip Liu Jr., with a rebuilt smart contract and updated product.
2024-09-01
The Arena announces ARENA token launch with 10 billion total supply and airdrop for existing users based on accumulated platform points.
2024-10-15
The Arena secures $2 million in pre-seed funding, announced via Avalanche Foundation blog.
2024-12-01
The Arena's X account is compromised in a coordinated phishing campaign. ZachXBT reports the attacker breached 15+ X accounts and netted ~$500,000 via meme coin scams using the hijacked accounts.
2025-06-09
ARENA token reaches alleged all-time high of approximately $0.027.
2025-11-24
The Arena announces Monad Chain integration and Google/Apple sign-in support as part of V2 multichain expansion.
2026-05-27
ARENA token trading at approximately $0.00089, down approximately 96% from all-time high.
Decision Log
- hash: CVjBS6LmQYJawm6KFmVkmHeHWh27d8BBjRx4q6yisbmH
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:37 AM
last updated: 5/27/2026, 6:18:11 PM
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