Table of Contents:

· CEO resigns, new CEO was unemployed 5 days ago

· Community comments: Worried about fund security, suspected of running away soon

· The project has not been developed for less than a month, and the company was officially established 3 days ago

· Previously, nearly 3 million US dollars were stolen, losing the trust of the community

On October 30th, Stars Arena, a mimicry project in the Avalanche ecosystem, announced on social media that its CEO Chill Pill has resigned and that they will take significant steps to rebuild the community's trust in the future.

CEO Resigns, New CEO Was Unemployed 5 Days Ago

Later, its CEO Chill Pill @poordart also posted a statement announcing his resignation. He replied to netizens' questions in the comments and pointed out that the new CEO is @scooterxbt. However, according to @scooterxbt's updates, he was still unemployed 5 days ago.

Community Comment: Worried about fund security, suspected to be about to run away

Stars Arena has been online for less than a month, and the CEO has resigned, which has caused many community users to worry about the safety of their funds and even suspect that the project may have the suspicion of running away.

Project development is less than 1 month, and the company was officially established 3 days ago.

A user in the community pointed out that the Stars Arena project, which has been officially launched for less than a month, has experienced events such as fund theft and leadership changes, which is really worrying. Perhaps because of this, the Stars Arena project team hopes to regain more support.

BlockBeats previously reported that on October 27th, Stars Arena, a FT simulation game based on the AVAX network, announced the formal establishment of the company and is preparing for seed round financing. Stars Arena has also partnered with Avalanche's Lanuchpad platform, Avalaunch, to guide its financing process and provide suggestions for building a sustainable economic system, aiming to reward users and creators in the development process.

This previously lost nearly 3 million dollars due to theft, resulting in a loss of community trust.

In fact, this is not the first time that Stars Arena has been questioned by the community for its intention to run away. Even before the funds of Stars Arena were stolen, many users had pointed out that this was a precursor to the project team's intention to run away.

On October 7th, according to official sources, friend.tech's imitation platform Stars Arena was stolen and its smart contract had a major security vulnerability. According to monitoring data from Paiduin, the loss from this theft was approximately $2.9 million. On October 12th, Stars Arena announced in a security update that the team had successfully recovered nearly 90% of the lost funds.

Even so, combined with the previous similar incidents suffered by Stars Arena, the community has lost trust in Stars Arena and believes that this is a means for the project party to rug funds.

Related reading: "Latest development of the incident: Stars Arena has resumed trading, previously stolen about 2.9 million US dollars".

It is reported that the security incident was caused by an individual. The "individual" who caused the security incident left a message on the chain stating, "I would like to cooperate." It is suspected that he hoped to cooperate with the Stars Arena project party to discuss the handling of the stolen funds. The two parties have reached an agreement. As a reward, Stars Arena paid this person 10% of the bounty (26,610 AVAX) and 1000 AVAX lost in the cross-chain bridge, totaling 27,610 AVAX.

This CEO resignation event, as stated in the announcement by Stars Arena, will "rebuild community trust." Considering the various factors mentioned above, this process may not be very smooth.

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