Avalanche [AVAX] fell victim to a hack that caused losses worth millions of dollars and also affected the token's market sentiment negatively
Avalanche’s Stars Arena witnesses a hack that causes a loss of nearly $3 million. AVAX’s price action soon turns bearish after the incident.fell victim to a hack that caused losses worth millions of dollars. This definitely had a negative impact on AVAX’s price action, as the token’s bull rally came to an end.Stars Arena, which is a newly launched SocialFi app on the Avalanche blockchain, witnessed a major security breach on 7 October. The hack resulted in a loss of nearly $3 million.
However, he also mentioned that the Stars Arena team could easily raise the money to plug the hole given its revenue stream and growth trajectory. Let's be clear: $3m is a lot of money *for a regular person*. Heck, $3k is a lot of money for a regular person, and specifically, even $30 was a lot of money for me when I was a long-time graduate student.a topic of discussion in the crypto space of late, which was evident from the rise in its social engagement in the last 24 hours. However, bearish sentiment around the token surged by 64% while its AltRank plummeted.
This was accompanied by an increase in trading volume, suggesting that investors were selling their assets. After a massive spike, AVAX’s 1-week price volatility also dropped slightly. It was interesting to note that while AVAX’s price showed high volatility, its development activity increased.Investors should worry more, as a look at AVAX’s derivatives market suggested that the token’s price could plummet further. For instance, its Funding Rate went green, meaning that Futures buyers were purchasing the token at its lower price.Dipayan is a full-time journalist at AMBCrypto.
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