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Due to a token approval exploit, the price of UniBot drops by 30%


On Oct. 31, blockchain data firm PeckShield pointed out some strange goings-on with the popular UniBot trading platform. Initial reports have indicated that an exploited contract could be at fault.

Telegram trading bots are one of the most favorite narratives this year. However, community members are concerned with the frequent exploit incidents.

Hackers Move Funds Through Tornado Cash After Unibot Exploit

The Unibot team confirmed that a token approval exploit on its new router was at the root of the problem. The team has since paused the router to mitigate any further damage.

The Unibot team also promised that:

“Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe.”

After conducting the attack, hackers converted the funds to 355.75 Ethereum (ETH), which is worth approximately $640,000. Then, the hackers transferred the funds to the crypto mixer Tornado Cash to avoid traceability.

Read more: Top 7 Tornado Cash Alternatives in 2023

Unibot exploiter's transaction history.
Unibot exploiter’s transaction history. Source: X (Twitter)

The price of the native Unibot token has fallen 30% in the meantime as details continue to emerge.

UniBot (UNIBOT) price chart 1M
UniBot (UNIBOT) price chart 1M. Source: BeInCrypto

Last week, another crypto trading bot Maestro, became the target of a similar attack. Hackers exploited an external call vulnerability in the Maestro Router 2 smart contract and stole around 280 ETH.

Due to the frequent attacks, the community has criticized the concept of the Telegram trading bots. While the private keys of the users were not exploited, an X user, Jebus.eth, warned their 106,000 followers against giving private keys to telegram trading bots.

Disclaimer

VIDEO: UniBot Price Drops 30 Amid Token Approval Exploit
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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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