Unibot Falls Victim to Token Exploit: A Swift Response Ensures User Security
After a significant token approval exploit, Telegram trading bot Unibot pledges to reimburse stolen funds, reassuring users of the security of their keys and wallets, amidst a sharp decline in their token's value.
In an unfortunate turn of events, Unibot, a widely used Telegram trading bot, has encountered a severe security breach known as a “token approval exploit,” affecting its new router and resulting in a substantial financial setback of over $600,000. The protocol was quick to address the issue, promptly pausing the router to mitigate any further risks and ensure the containment of the problem.
The Unibot team reassured users that their keys and wallets remain secure, emphasizing their commitment to compensating any funds lost due to this unforeseen bug. “We experienced a token approval exploit from our new router and have paused our router to contain the issue,” the protocol declared, showcasing their swift and transparent approach to handling the situation.
Security analysts from PeckShield were among the first to detect and report the exploit on October 31. Unibot acknowledged the exploit shortly after, underlining their dedication to resolving the issue and maintaining user trust. “Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe. We will release a detailed response after investigations conclude,” Unibot stated, providing a reassuring message to their user base.
The immediate aftermath of the exploit saw a sharp decline in the price of Unibot’s token, plummeting nearly 43% to $32.94, according to data from CoinGecko. This marks a significant drop from its mid-August peak, where the token was valued at nearly $220. Despite this setback, the Unibot protocol had been generating substantial revenue at its zenith, attracting a considerable amount of investor interest.
This incident adds to the growing list of exploits within the crypto world, with LastPass users experiencing a loss of $4.4 million worth of crypto just last week. The recurring theme of security breaches in the digital asset space underscores the critical need for robust security measures and swift responsive actions to protect user assets and maintain trust.
