The Telegram trading bot, known as Unibot, has become the subject of a token approval exploit within its recently deployed order router. Unibot pledged to reimburse any funds stolen in response to this exploitation, claiming losses in excess of $600,000.
A dark day for Unibot. The Unibot protocol had been a profitable investment at its peak, attracting the attention of numerous investors. The aforementioned hack is the latest in a long line of cryptocurrency-related exploits, as LastPass users collectively lost $4.4 million in crypto assets last week. More worryingly, numerous Telegram users believe that, despite the company saying otherwise, their keys and wallets may not be safe anymore and many have actively left Unibot altogether.
Damage control Unsurprisingly, the disclosure of the exploit resulted in a significant drop in the price of the token, which was by 33% to $38.50 before recovering slightly, according to data provided by CoinGecko. PeckShield security experts first raised the alarm on October 31st, 2023, in a post on X, estimating that losses over $600,000 in crypto had been recorded.
Telegram confirmed that Unibot indeed suffered a token approval exploit within the new router and have since suspended its operation to address the situation. The company assured users that any assets lost as a result of this vulnerability will be reimbursed, but there has yet to be any announcement regarding potential improvements to security measures to ensure that this does not happen again. Users are also concerned that PeckShield was able to identify the exploit before Telegram itself.
More Than $600,000 Stolen In Massive Unibot Exploit
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
December 12,2024
MEV Sandwich Attacks Lead To $60M Being Extracted Via Solana Validator
December 12,2024
Celebrities Are Still Endorsing Meme Coins Despite Scam Accusations
December 11,2024
Quant.Bond Is The Future Of DeSci As Terminal Simulation Goes Live
December 11,2024
Microsoft Shareholders Say No To Accepting Bitcoin
December 10,2024
Russian Bitcoin Reserve Proposed To Counter Sanctions Risk
December 10,2024
Argentina Officially Approves Crypto ETFs For Stock Market Use
December 09,2024
Shareholders Demand That Amazon Add Bitcoin To Its Treasury
December 09,2024
Hackers Make Fake Announcements Through Cardano Twitter Account
December 09,2024
Web3 Fundraising Deals - 3rd To 9th December 2024
December 08,2024
Bitcoin Settles Below $100K As Altcoins See Significant Fluctuations
December 07,2024
Crypto Degens On The Rise As Scams Continue To Plague The Industry
December 06,2024