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.
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“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.
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.
