Recently, Scopescan and the security firm PeckShield issued a warning about the Telegram Bot project Unibot falling victim to a hacker attack.
Specifically, the hacker transferred various memecoins from users’ wallets and quickly swapped them for ETH. The estimated loss is around $560,000 and is still being further assessed.
It’s worth noting that the coins the hacker collected during this attack were mainly memecoins and low-value coins. Therefore, the impact on the overall market is expected to be relatively minor.
While not having a significant impact on the market, the native token of the project – UNIBOT – experienced a sharp 37% price drop, reaching $33. At the time of writing, UNIBOT is trading around $43, showing a slight recovery.
In July 2023, the market witnessed a “mini trend” of Telegram Bot projects after Telegram issued bonds to increase its funds. Soon after, the market capitalization of this “new trend” of Telegram Bot projects quickly exceeded $150 million. However, the most prominent tool in this space was Unibot.
Unibot is a Telegram tool developed to automate cryptocurrency trading. It allows users to purchase tokens as soon as they become liquid and set up advanced trading strategies. Currently, Unibot supports trading on the Uniswap V2 and V3 platforms.
Despite gaining significant traction in the market, and even receiving favorable research reports from Binance, there are still various concerns and mixed opinions regarding security vulnerabilities in cryptocurrency trading bots on the Telegram platform.