Verify a decision

{"actor":"system:backfill","investigation_id":"a03fdac3-1e75-4012-a687-39075c822e80","kind":"publish","page_slug":"arena-socialfi","published_at":"2026-05-27T18:18:11.351Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Arena SocialFi","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cointelegraph.com/news/friend-tech-clone-stars-arena-drives-surge-avalanche-avax-token","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/200242/stars-arena-social-token-friend-tech-avax","type":"other","url":""},{"credibility":3,"name":"https://www.coingecko.com/learn/stars-arena-avalanche-socialfi-crypto","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/tech/2023/10/07/avalanche-social-app-stars-arena-drained-of-3m-in-avax-after-hack","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-stars-arena-hack-october-2023","type":"other","url":""},{"credibility":3,"name":"https://www.certik.com/resources/blog/stars-arena-incident-analysis","type":"other","url":""},{"credibility":3,"name":"https://immunebytes.com/blog/stars-arena-hack-oct-7-2023-detailed-analysis/","type":"other","url":""},{"credibility":3,"name":"https://slowmist.medium.com/a-deep-dive-into-the-stars-arena-attack-765649d7fc6a","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/avalanche-project-stars-arena-suffers-2-9m-exploit-leaving-smart-contract-with-just-0-051/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/markets/2023/10/11/stars-arena-exploiter-i-want-to-cooperate","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/stars-arena-recovers-stolen-funds-after-offering-bounty-exploit","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/stars-arena-secures-funds-to-plug-exploit","type":"other","url":""},{"credibility":3,"name":"https://medium.com/avascan/from-exploit-to-recovery-unpacking-the-stars-arena-hack-07d8fb439367","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptopotato.com/the-ceo-of-avalanche-based-web3-social-platform-stars-arena-steps-down/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/260100/socialfi-platform-stars-arena-loses-another-team-member-after-ceo-steps-down","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.avax.network/about/blog/the-arenas-comeback-socialfi-app-on-avalanche-secures-2m-pre-seed-funding-and-plans-mainstream-expansion","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/232900/the-next-friend-tech-avalanches-arena-sets-token-airdrop-plans","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/385963/jason-desimone-on-the-arenas-revival-and-the-future-of-socialfi","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptobriefing.com/compromised-x-accounts-meme-coin-scam/","type":"other","url":""},{"credibility":3,"name":"https://cryptonews.com/news/scammers-steal-500k-via-x-account-breaches-and-meme-coin-scams-zachxbt/","type":"other","url":""},{"credibility":3,"name":"https://forklog.com/en/hacker-profits-500000-from-x-account-crypto-scam/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coingecko.com/en/coins/the-arena","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/the-arena/","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/cmc-ai/the-arena/latest-updates/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-stars-arena-hack-october-2023","type":"other","url":""},{"credibility":3,"name":"https://www.certik.com/resources/blog/stars-arena-incident-analysis","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/stars-arena-secures-funds-to-plug-exploit","type":"other","url":""}]}],"sources_used":[],"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.","timeline":[{"date":"2023-09-27","event":"Stars Arena launches on Avalanche C-Chain as a friend.tech competitor, built by pseudonymous developer 'theBuilder'.","source":""},{"date":"2023-10-05","event":"First exploit: attacker extracts approximately $2,000 in AVAX via a price function vulnerability. Avalanche Labs founder Emin Gun Sirer downplays the issue publicly.","source":""},{"date":"2023-10-07","event":"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.","source":""},{"date":"2023-10-11","event":"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.","source":""},{"date":"2023-11-01","event":"Stars Arena CEO 'Chill Pill' resigns. Team member 'Kook' also departs citing management issues. Platform is acquired by a new team.","source":""},{"date":"2024-01-01","event":"Platform relaunches as 'The Arena' under new CEO Jason Desimone and COO Phillip Liu Jr., with a rebuilt smart contract and updated product.","source":""},{"date":"2024-09-01","event":"The Arena announces ARENA token launch with 10 billion total supply and airdrop for existing users based on accumulated platform points.","source":""},{"date":"2024-10-15","event":"The Arena secures $2 million in pre-seed funding, announced via Avalanche Foundation blog.","source":""},{"date":"2024-12-01","event":"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.","source":""},{"date":"2025-06-09","event":"ARENA token reaches alleged all-time high of approximately $0.027.","source":""},{"date":"2025-11-24","event":"The Arena announces Monad Chain integration and Google/Apple sign-in support as part of V2 multichain expansion.","source":""},{"date":"2026-05-27","event":"ARENA token trading at approximately $0.00089, down approximately 96% from all-time high.","source":""}]},"v":1}