UNIBOT Token Price Plummets by 40% After Hack
The UNIBOT token price has experienced a significant decline of over 40% following a hack that resulted in a loss of $630,000. Unibot, a popular Telegram bot used for trading on the decentralized exchange Uniswap, confirmed the hack and revealed that it was due to a token approval exploit in its new order router. In response, Unibot paused the router to prevent further damage.
New Contract Exploited
The exploit occurred after Unibot deployed a new contract on October 29th. Users were alerted about the ongoing hack by blockchain security firm Scopescan on October 31st. The exploit involved draining the crypto holdings of several users on the platform and converting them into ETH. Unibot confirmed the hack and assured users that their keys and wallets were safe.
Unibot To Compensate Users
In addition to addressing the issue, Unibot has committed to compensating all users who suffered losses due to the exploit. The stolen tokens include Joe (JOE), UNIBOT, and BeerusCat (BCAT). ScopeScan also discovered an address similar to the exploited one that was used to receive tokens from unsuspecting victims.
Other Similar Exploits
A similar exploit took place with Maestrobots, a group of cryptocurrency bots on Telegram Messenger app, resulting in the loss of 280 ETH. Maestrobots refunded affected users using its own revenue. LastPass users also experienced an exploit that caused them to lose around $4.4 million worth of crypto.
Unibot Price Action
Following news of the hack, the UNIBOT token’s price dropped by 42% in under an hour, going from $58 to $32.94. However, it has since recovered and is currently trading around $45.
Hot Take: Unibot Hack Highlights the Need for Enhanced Security Measures
The recent hack on Unibot serves as a reminder of the importance of robust security measures in the crypto space. Users must exercise caution when using platforms and bots, ensuring they are aware of potential risks and taking steps to protect their assets. Furthermore, platforms like Unibot should continuously improve their security protocols to prevent similar incidents from occurring in the future. While the hack caused a temporary setback for UNIBOT token holders, it is crucial to remain vigilant and learn from these experiences to foster a more secure crypto ecosystem.
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