{"id":7535,"date":"2023-10-31T11:40:54","date_gmt":"2023-10-31T11:40:54","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/stars-arena-crypto-social-platform-faces-internal-challenges-as-another-team-member-resigns-whats-going-on\/"},"modified":"2023-10-31T11:40:57","modified_gmt":"2023-10-31T11:40:57","slug":"stars-arena-crypto-social-platform-faces-internal-challenges-as-another-team-member-resigns-whats-going-on","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7535","title":{"rendered":"Stars Arena Crypto Social Platform Faces Internal Challenges as Another Team Member Resigns \u2013\u00a0What&#8217;s Going On?"},"content":{"rendered":"<div>\n<figure id=\"attachment_123936\" aria-describedby=\"caption-attachment-123936\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-123936\" class=\"wp-caption-text\">Source: AdobeStock \/ Nuthawut<\/figcaption><\/figure>\n<p style=\"text-align: left\">Another team member has said goodbye to the <strong>Avalanche<\/strong>-based social finance platform <strong>Stars Arena<\/strong>. And the situation is only heating up, with criticism and accusations filling the comments sections.<\/p>\n<p style=\"text-align: left\"><a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/starsarenacom\/status\/1719072269270385079\" target=\"_blank\">According<\/a> to a tweet posted on Monday evening (UTC time), \u201cas of today, KookCapitalLLC has been relieved of his duties as a Stars Arena team member.\u201d<\/p>\n<p style=\"text-align: left\">Yesterday, Kook tweeted that \u201cwith a heavy heart i must announce my resignation from\u201d Stars Arena, and that, despite the goal to support the founder hannesxda, aka \u2018theBuilder\u2019, \u201cI have had serious issues with management and direction for some time.\u201d<\/p>\n<p style=\"text-align: left\">And Starts Arena may not be done. They stated that,<\/p>\n<blockquote>\n<p style=\"text-align: left\">\u201cWe are continuing with the transition to a new team without the presence of any former member.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: left\">Commenters have been generally expressing confusion and criticism regarding the recent news coming from the project, asking for clarification on what is happening.<\/p>\n<p style=\"text-align: left\">Some participants have suggested that there may be a rug pull incoming.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I checked the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/starsarenacom?ref_src=twsrc%5Etfw\">@starsarenacom<\/a> multsig this morning and was shocked.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/iamchillpill?ref_src=twsrc%5Etfw\">@iamchillpill<\/a> and the remaining team removed myself and <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/KookCapitalLLC?ref_src=twsrc%5Etfw\">@KookCapitalLLC<\/a> as signers. <\/p>\n<p>\u2013 Right now the quorum is 4\/4.<br \/>\u2013 Chill has 2x signatures. <\/p>\n<p>Not only is this gross negligence around the management of funds\u2026 <a rel=\"nofollow\" href=\"https:\/\/t.co\/T1H1E5NtXW\">pic.twitter.com\/T1H1E5NtXW<\/a><\/p>\n<p>\u2014 boot \u267b\ufe0f (@lowercaseboot) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/lowercaseboot\/status\/1719256467201511886?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p style=\"text-align: left\">And many of the accusations, including those from Kook, mentioned member Chill Pill:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Chill Pill has removed myself and <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/lowercaseboot?ref_src=twsrc%5Etfw\">@lowercaseboot<\/a> from the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/starsarenacom?ref_src=twsrc%5Etfw\">@starsarenacom<\/a> multisig<\/p>\n<p>The multisig is now controlled by THREE people<\/p>\n<p>FOUR SIGNATURES<\/p>\n<p>\u2026\u2026\u2026<\/p>\n<p>TWO ARE <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/iamchillpill?ref_src=twsrc%5Etfw\">@iamchillpill<\/a> <\/p>\n<p>watch the money<\/p>\n<p>\u2014 kook \ud83c\udf0a (@KookCapitalLLC) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/KookCapitalLLC\/status\/1719252914793840819?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p style=\"text-align: left\">In the resignation tweet, Kook wished the project \u201cthe best of luck,\u201d but this seems to have changed since.<\/p>\n<p style=\"text-align: left\">Kook has posted multiple tweets suggesting that some sort of an expos\u00e9 may be coming, which would air the team\u2019s dirty laundry in public.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">everything on my X is fiction, larp, and performance art<\/p>\n<p>jokes only all made up<\/p>\n<p>\u2014 kook \ud83c\udf0a (@KookCapitalLLC) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/KookCapitalLLC\/status\/1719285266102321364?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p style=\"text-align: left\">As for Chill Pill, it was announced on October 29 that he stepped down from his role as CEO.<\/p>\n<p style=\"text-align: left\">\u201cWe will continue to take significant steps towards rebuilding trust with our community,\u201d Stars Arena said at the time.<\/p>\n<p style=\"text-align: left\">On October 27, the project <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/starsarenacom\/status\/1717898729905078650\" target=\"_blank\">issued<\/a> a statement saying that it failed in \u201cmaking sure the pace of development matched expectations.\u201d<\/p>\n<p style=\"text-align: left\">To rectify the situation, Star Arena transitioned to \u201ca legal entity,\u201d which it said allowed the project to expand the in-house tech team following the exploit.<\/p>\n<p style=\"text-align: left\">TheBuilder (hannesxda) has been \u201cfully reintegrated\u201d into the tech operations.<\/p>\n<p style=\"text-align: left\">This post, too, received criticism, with some users claiming that the update had been done without any prior communication.<\/p>\n<p style=\"text-align: left\">On October 31, theBuilder <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/hannesxda\/status\/1719268694608560158\" target=\"_blank\">issued<\/a> a lengthy statement \u201con recent events,\u201d saying that,<\/p>\n<blockquote>\n<p style=\"text-align: left\">\u201cThe truth is, we couldn\u2019t function as a team. Which I\u2019m very sorry. Now there is a fight and some false allegations, which is even worse.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: left\">Also on October 27, Star Arena <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/starsarenacom\/status\/1717674405243859253\" target=\"_blank\">announced<\/a> \u201creal steps\u201d towards funding, stating that it partnered with <strong>Avalaunch<\/strong>, a protocol for the Avalanche ecosystem, \u201cto steward us through our funding round.\u201d<\/p>\n<p style=\"text-align: left\">Then, on October 30, Avalaunch <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/AvalaunchApp\/status\/1719051496745283761\" target=\"_blank\">tweeted<\/a> that \u201cthere was not more than an informal partnership between the two teams,\u201d and that they\u2019ve ended it, stating:<\/p>\n<blockquote>\n<p style=\"text-align: left\">\u201cUnfortunately, it has become more and more clear that there is too much happening around the project that we either aren\u2019t comfortable with or simply don\u2019t understand.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: left\">As reported, Stars Arena suffered an exploit on October 7 that saw nearly $2.9 million worth of AVAX stolen. The team recovered 90% of user assets, while the hacker was offered a 10% bounty. It has been relaunched\u00a0on October 15.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/stars-arena-crypto-social-platform-faces-internal-challenges-as-another-team-member-resigns-whats-going-on.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Nuthawut Another team member has said goodbye to the Avalanche-based social finance platform Stars Arena. And the situation is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-7535","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stars Arena Crypto Social Platform Faces Internal Challenges as Another Team Member Resigns \u2013\u00a0What&#039;s Going On? | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Nuthawut Another team member has said goodbye to the Avalanche-based social finance platform Stars Arena. 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