Social Media Platforms are Finding Solution for Increased Hacking

Many platforms are at risk as hacking increased on social media

The problem of hacking in Crypto is increasing day by day at present. In the crypto space hacking is being carried out easily by hackers. But hackers are not only targeting the crypto space, but are also changing themselves according to the increasing times and technology. Actually, now these hackers are trying their best to penetrate into Web3 social media apps and decentralised apps too and these hackers are also getting success in their plan. These hackers are making their hands clean by trapping many big platforms in their hacking net.

On 6 October Stars Arena confirmed the hack. 

These hackers have recently targeted Avalanche based Web3 social media app Stars Arena. These hackers have targeted Avalanche based Web3 social media app Stars Arena. Stars Arena had confirmed the hack on October 6 and had requested the users of the platform not to deposit funds during the investigation of the security breach. Blockchain security firms like Slowmist have tracked the hacker's actions and reported that the hackers had taken out 266,103 Avalanche worth approximately $3 million from the Stars Arena at that time. The hackers later transferred these funds to the Fixed Float crypto exchange apart from this. With this, Stars Arena has announced that it has secured funding to cover the $3 million gap caused by this exploit on October 6. The team of Stars Arena has said that it will reopen the smart contract only after the full security audit is done along with this. Not only this, the Stars Arena team has also said that a special white hat development team is also being called to quickly review the security of the platform and plans are also being made to make strict security arrangements.

Friend.tech also becomes victim of SIM-Swap attack

Apart from Stars Arena, Friend.tech is also facing attacks like SIM-Swap. In fact, on October 4, about 4 users of the Friend.tech platform had to face hacking, due to which about $178,000 was withdrawn from these users. A few days ago, Ethereum co-founder Vitalik Buterin also had to face the hack of his account on X. In August, Thailand had talked about shutting down Facebook due to ads containing crypto scams and other scams. Although these social media apps claim to have strict security arrangements after hacking, despite this, hackers easily carry out their hacking exploits using these platforms. At present, Stars Arena and Friend.tech have apologised to their users for this exploit and have promised to make strict security arrangements. Now it remains to be seen what solution all these platforms find to get out of the trap of hacking or whether such scams will continue to happen on these platforms.

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