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Crime and Investigations

Telegram Trading Bot Shuts Down Due to Funding and Security Issue

Telegram Trading Bot Shuts Down Due to Funding and Security Issue

Solareum, a Telegram trading bot built on Solana, has announced its permanent closure due to financial challenges and a recent security breach.

The developers conveyed the unfortunate news through the Solareum support channel on Telegram, with co-founder king.sol sharing the announcement on X. They cited a combination of factors, including insufficient funds, evolving market dynamics, and a recent security breach, as reasons for the closure.

Despite efforts to secure additional funding, adapt to market changes, and strengthen security measures, the team expressed their inability to ensure user safety due to financial constraints.

Solareum operated as a crypto trading bot on the Telegram messenger platform, facilitating transactions involving Solana tokens based on predetermined parameters.

In late March, the bot experienced a security breach, resulting in the loss of over 2,800 Solana tokens valued at around $520,000 from over 300 users. The exploit was initially attributed to the BONKbot trading bot but was later clarified by the team as a separate incident.

READ MORE: Crypto Industry Sees 23% Drop in Hacking Losses: Report

The Solareum team emphasized that they are not involved in any exit scam and are actively collaborating with authorities to freeze the stolen funds if they are transferred to centralized exchanges.

As they wind down operations in the coming weeks, the team advised users to retrieve any relevant data or assets promptly.

The closure of Solareum comes amidst increased activity in the Solana ecosystem, attracting both speculators and scammers alike. Chainalysis reported significant online communities dedicated to Solana wallet drainer kits, while Blowfish identified new Solana drainers capable of sophisticated attacks.

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.

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