Dogecoin Developer Raises Alarm on a Crypto Bot Exploit
Mishaboar, a prominent figure in the Dogecoin community, has raised alarms regarding a Telegram bot called BonkBot, designed for cryptocurrency trading on the Solana blockchain.
Reports indicate that this bot contains an exploit, prompting Mishaboar to voice concerns over the risks associated with using bots for trading meme coins like BONK. Mishaboar’s warning specifically targets the vulnerabilities present in custodian hot wallets utilized by these bots.
In response to the issue, Mishaboar advises users to withdraw their funds from these Telegram bots until the exploit is addressed. He underscores the potential threats posed by platform vulnerabilities, including hacking risks leading to data loss, security breaches, and malicious activities. Mishaboar’s caution gains weight considering the significant trading volumes driven by bots, reaching up to $700 million in a single day.
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The BonkBot team has responded to these concerns, stating that the reported exploits do not originate from BonkBot itself. Instead, they suggest that vulnerabilities lie elsewhere within the ecosystem, attributing fund losses to users who previously exported their private keys.
The team assures that funds of users who have not exported their private keys remain secure, aiming to allay users’ fears and emphasize the importance of secure practices in managing cryptocurrency funds.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
