A Popular Telegram Bot Exploited for $560,000 in Memecoins
A new contract deployed by Unibot, a popular Telegram bot used for trading on Uniswap, was exploited, resulting in the loss of approximately $560,000 worth of memecoins from users. The hack went undetected until blockchain analytics firm Scopescan alerted Unibot users about the ongoing exploit. The hacker transferred the stolen memecoins and exchanged them for Ether (ETH).
Unibot Confirms the Hack and Takes Action
Unibot confirmed the hack and revealed that it was due to a token approval exploit on their new router. They have paused the router to contain the issue. While investigations are ongoing, Scopescan advised users to revoke approvals for the exploited contract and move their funds to a new wallet.
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The Market Reacts and Unibot Commits to Compensation
The market reacted negatively to the news, with the UNIBOT token experiencing a 42.7% drop in price within one hour. However, the token’s price is currently attempting a recovery. Unibot has committed to compensating all users who lost funds due to the exploit. Cryptocurrencies such as Joe (JOE), UNIBOT, and BeerusCat (BCAT) were among the stolen loot.
Similar Exploit and Compensation by Maestrobots
A similar contract exploit recently drained 280 ETH from users of Maestrobots, another group of cryptocurrency bots on Telegram. Maestrobots covered all user losses by paying 610 ETH from its own revenue, citing a lack of liquidity to repurchase the lost tokens.
Hot Take: Protect Your Crypto Assets from Exploits
It is essential to stay vigilant and take necessary precautions to protect your crypto assets from potential exploits. Always be cautious when using third-party bots or platforms, and regularly review and revoke any approvals for contracts that you no longer use. Additionally, consider diversifying your holdings and implementing security measures such as two-factor authentication and cold storage wallets. By being proactive in safeguarding your crypto assets, you can minimize the risk of falling victim to hacks and exploits.
