The Unibot protocol has been drained by $630,000, but the company plans to reimburse any losses due to the bug.
Unibot, a popular Telegram trading bot, suffered a token approval exploit yesterday, resulting in losses in excess of $600,000.
“We experienced a token approval exploit from our new router and have paused our router to contain the issue,” Unibot confirmed on October 31.
Any funds lost due to the bug will be compensated, the company confirmed. Unibot is now actively investing the exploit in more detail.
Related: The 3 most profitable crypto trading bots: 2023
Last week, Unibot affirmed that the router is safe, tweeting, “Safety is a top priority with us and we approach it proactively. With Unibot Cloud – we removed the risk of private keys from Telegram and giving you full control with self-destructing messages.”
“This didn’t age well,” many users on X commented.
UNIBOT took a dive following the news
UNIBOT, the protocol’s native token, dived from $57 to $32 in less than 30 minutes.
The token is still down by around 20% but is showing some signs of recovery, trading at $44.
Unibot remains the second most profitable Telegram trading bot. It launched in early June 2023 and was one of the first to launch its own token, giving users a share of revenue.
Since launch, UNIBOT has earned 9,000 ETH ($16.3 million), and 1,557 ETH ($2.8 million) throughout September 2023.
Most of this revenue comes through the trading volume of UNIBOT.
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
