Avalanche founder Emin Gün Sirer seems impressed by the community excitement that Stars Arena has created. Sirer claims that this altcoin project cannot be compared to Elon Musk’s X.
Exploit in Stars Arena shook the altcoin community
Emin Gun Sirer, founder of the famous Avalanche Blockchain, speaks highly of Stars Arena despite the recent hacking incident. It even goes so far as to claim that it has achieved something that even Elon Musk’s X has failed to achieve. By the way, it should be reminded that Stars Arena has a social protocol built on Avalanche. Sirer’s comments came in defense of the protocol, which has just been subjected to abuse. As you follow from Kriptokoin.com, Stars Arena experienced a $3 million hack on Saturday. This development shook the crypto community.
Like many other Decentralized Finance (DeFi) altcoin projects, Stars Arena fell victim to a reentry scam. Such events are not unheard of in the crypto world. However, the reaction of the Stars Arena founder attracted much attention.
Avalanche founder: This excitement is not even in Elon Musk’s X!
Emin Gün Sirer shared his thoughts about the situation on the social media platform X. The altcoin founder began his remarks by accepting a significant sum of $3 million. He then said, “Let’s be clear: $3 million is a lot of money for an ordinary person. Even 3 thousand dollars is a huge amount of money for an ordinary person. Even $30 was a lot of money to me, especially as a long-time graduate student.” he continued.
But what made this response remarkable was the founder’s perspective on Stars Arena’s success that goes beyond the current challenge. The founder of the altcoin stated that the project generated over 120 thousand dollars in revenue in a single day. He also emphasized that the revenue chart resembles a rocket launch. He noted that the user engagement and excitement surrounding Stars Arena has reached levels that even Elon Musk’s critically acclaimed project X has not been able to reach. Sirer: “3 million dollars! “It’s definitely not a big amount for this team with these facts,” he said. He claimed that the points he made were proof that the team could overcome its current troubles.
What does Emin Gün Sirer’s statement mean?
The key takeaway was that Stars Arena had the capacity to raise the necessary funds to recover from exploitation, given its significant revenue stream and impressive growth trajectory. Meanwhile, Sirer noted that successful altcoin projects such as Axie Infinity and Wormhole have previously raised hundreds of millions in funding to overcome relevant hurdles during their respective journeys. Therefore, this idea he puts forward is not without foundation. Additionally, the Avalanche founder emphasized that Stars Arena quickly secured the financing it announced during one of the Spaces sessions.
Sirer stated that they are making intense efforts to identify and find the hacker responsible for the exploit. Surprisingly, the hacker’s identity appeared ‘doxed’ on the Blockchain. This further strengthened the crypto community’s determination to bring them to justice. As a result, Sirer remains optimistic that the Stars Arena protocol may eventually be revived despite this current abuse.
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