November 1, 2023
A Telegram trading bot crypto project that was launched earlier this year has been exploited for more than $600,000. The team behind the Unibot (UNIBOT) crypto project has confirmed that the hack was a token approval exploit. They have taken immediate action by pausing their router to contain the issue. The team assures users that any funds lost due to the bug on their new router will be compensated and that their keys and wallets are safe. They have also promised to release a detailed response after completing their investigations.
UniBot, known as "the Fastest Telegram Uniswap Sniper," is a Telegram bot that allows users to trade crypto tokens on Uniswap v3. Developed by the Singapore-based crypto investment platform Diamond Protocol, UniBot is a Leveraged Liquidity Provision (LLP) platform. Since the news of the exploit broke, UniBot has experienced a significant 16% drop in value over the past 24 hours.
According to crypto security alert firm Peckshield, one of the exploiters has already exchanged the stolen funds for Ethereum (ETH) and successfully laundered them using TornadoCash. The total value of the stolen crypto at the time of writing is $640,745.
The Unibot trading bot was launched in May 2023 and is currently valued at $42.11, representing a 36% decrease in value over the past month.
In conclusion, the Unibot trading bot crypto project has fallen victim to a token approval exploit, resulting in the loss of over $600,000. The team has taken immediate action to address the issue and has assured users that any lost funds will be compensated. However, the incident has had a significant impact on the value of UniBot, which has experienced a 16% drop in the last 24 hours. It is crucial for users to exercise caution and stay informed about the latest developments regarding this incident.