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SocialFi is rapidly emerging as a fast-growing sector within the crypto industry.
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Stars Arena has announced a major hack affecting its ecosystem.
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Meminator raised more than $643,000 in funding over the past few days.
Stars Arena, a fast-growing social app, announced a significant exploit on Saturday—one day after the team halted operations. In a post on X (formerly Twitter), the developers stated the exploit drained more than $3 million from the platform, leaving only $1 remaining in the affected contract.
Inspired by Friend.Tech, Stars Arena is a newer social platform attracting rapid user adoption. While Friend.Tech operates on the Base blockchain, Stars Arena is built on Avalanche. According to DappRadar, Stars Arena drew over 20,000 users in recent days, reflecting strong initial traction.
The activity around Stars Arena contributed to a short-term boost in AVAX price, which climbed to a high of $11.88 on Saturday before falling back to $10.40 following news of the hack. In a separate update, the developers said they have secured resources to close the exploited gap and are initiating a comprehensive security review.
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…
— The Arena (@TheArenaApp) October 7, 2023
Meminator token sale continues
Another notable crypto development this week was the successful presale of the Meminator token. The sale raised more than $643,000, placing Meminator among the fastest-growing token launches in the sector. Tokens were offered for purchase using ETH, USDT, or BNB.
For newcomers, Meminator is a newly launched cryptocurrency aiming to become one of the largest meme coins globally. The project positions itself to challenge established meme tokens such as Shiba Inu, Dogelon Mars, Floki Inu, and Pepe.
Although many cryptocurrency prices pulled back in recent months, several leading meme coins—like Pepe, Shiba Inu, and DOGE—still retain market capitalizations in the billions of dollars.
Meminator plans to capitalize on the rising interest in artificial intelligence by incorporating AI-driven features into its ecosystem. AI has become a dominant theme across markets following breakthroughs from ChatGPT, Google Bard, and Anthropic.
OpenAI, maker of ChatGPT, secured $10 billion in funding from Microsoft earlier this year, while Anthropic raised $4 billion from Amazon. Overall investment into AI has exceeded $20 billion this year, highlighting strong institutional appetite for AI-related ventures.
Within its roadmap, Meminator intends to use AI to power games and decentralized applications (dApps) across its platform, applying machine learning and automation to enhance user experiences and utility.
The total supply of Meminator will be 1 billion tokens. Of that supply, 62.5% will be allocated to a presale conducted across 29 stages, with the price increasing at each stage. For detailed technical and tokenomics information, consult the Meminator whitepaper.