Telegram Crypto Trading Bot Loses $600K in Exploit Fiasco
A Telegram trading bot crypto project, initiated earlier this year, encountered an exploitative event resulting in losses exceeding $600,000.
The Unibot (UNIBOT) crypto project team reported that their new router faced a token approval exploit. As a precautionary measure, they temporarily paused the router to address the issue.
Assuring the safety of users’ keys and wallets, the team committed to reimbursing any funds lost due to the bug on the new router. They also promised a comprehensive report post the conclusion of their investigations.
The market data indicates a significant 16% decrease in the value of UniBot within 24 hours of this news. UniBot, marketed as “the Fastest Telegram Uniswap Sniper,” allows users to trade crypto tokens on Uniswap v3. It’s a Leveraged Liquidity Provision (LLP) platform developed by the Singapore-based crypto investment platform, Diamond Protocol.
According to Peckshield, a crypto security alert entity, one of the exploiters has already converted the stolen funds into Ethereum (ETH) and successfully laundered the proceeds.
“Exploiter #1 has exchanged the stolen coins for approximately 355.75 ETH (valued at around $640,000) and laundered them using TornadoCash.”
As of now, the estimated value of the pilfered crypto stands at $640,745.
The Unibot trading bot was launched earlier this year, valued at $42.11 at the time of writing, showing a 36% decrease in the last month.