A Telegram trading bot crypto project that was launched earlier this year has been exploited for more than $600,000. According to the team behind the Unibot (UNIBOT) crypto project, the nature of the hack was a token approval exploit. “We experienced a token approval exploit from our new router and have paused our router to contain […]
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A widely followed crypto analyst is expressing bullish sentiment on Bitcoin Cash (BCH) after a sudden move to the upside. Pseudonymous crypto trader Altcoin Sherpa tells his 196,800 followers on the social media platform X that BCH could soar 25% from its current value. “BCH: no clue why this is pumping so well but keep […]
The post Trader Says Bitcoin Cash (BCH) Set To Go Higher, Updates Outlook on Rollbit (RLB) and an Under-the-Radar Altcoin appeared first on The Daily Hodl.
Crypto analytics firm Messari says multiple factors contributed to Toncoin’s (TON) unexpected 45% price surge in August. Toncoin is the native token for a layer-1 blockchain initially developed by the encrypted messaging platform Telegram. The 12th-ranked crypto asset by market cap jumped from trading around $1.20 at the beginning of August to $1.75 by the […]
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New data from IntoTheBlock shows the extent to which decentralized finance (DeFi) has been hit by the crypto bear market. The blockchain analytics firm says in a new report the total value locked (TVL) in DeFi is now at its lowest since February 2021 after approximately $170 billion in deposits left the sector. TVL refers […]
The post $170,000,000,000 in Deposits Leaving the Decentralized Finance (DeFi) Ecosystem, Says IntoTheBlock appeared first on The Daily Hodl.
A crypto trader is updating his outlook on one altcoin that is soaring this month as the broader digital assets market dips. Pseudonymous trader Altcoin Sherpa tells his 196,300 X followers that the decentralized cross-chain liquidity protocol THORChain (RUNE) has more room to run after a bounce off of a key Fibonacci retracement level. “RUNE: […]
The post Trader Updates Outlook on Crypto Asset That’s Up Over 60% This Month, Says One Altcoin’s Uptrend Is Still Strong appeared first on The Daily Hodl.
There are still too many unknowns over how various Telegram trading bots store private keys, blockchain security firms told Cointelegraph.
Telegram trading bots, which have been turning the messaging platform into a quasi-crypto marketplace, pose significant security risks for users and require further scrutiny, according to blockchain security firms.
While such trading bots have existed for years, they've recently gained attention as crypto markets gain and associated bot tokens have gained in price, blockchain security firm CertiK told Cointelegraph.
As of the time of writing, the combined market capitalization of Telegram bot tokens is nearing $250 million, according to CoinGecko. The largest of the pack is Unibot; other popular bots include Wagie Bot and Mizar.
The bots are automated programs that run through Telegram, allowing users to make trades on decentralized exchanges (DEXs) by sending messages to it through the app.
Telegram bot tokens will be the next crypto meta in the coming 1-2 months. Agree or disagree? https://t.co/LewLnlivSm
— Bobby Ong (@bobbyong) July 19, 2023
CertiK, however, warned that many Telegram bots create crypto wallets for users, with only some actually providing the private key.
It’s unclear if they’re stored with accessibility by project employees, on the user device, or backed up through Telegram.
“While these platforms offer high-volume DEX trading options, they should be considered extremely high-risk and unsuitable for medium to long-term storage of assets,” CertiK said.
The Unibot token market capitalization is over $185 million — the largest Telegram bot token by market cap.
Related: Curve-Vyper exploit: The whole story so far
Latest data shows Unibot users have traded a volume of $155 million across over 230,000 trades using the bot, according to Dune Analytics.
In an Aug. 5 post, blockchain security firm Beosin also highlighted the security risks of using the bots, claiming their centralization posed a risk to a user’s private wallet keys.
It added further security risks come from many of the bots not open-sourcing their code or undertaking security audits and a user could also lose control of their funds if their Telegram account is hacked.
Beosin recommended projects open-source their code to make security reviews easier and ensure better storage of user private keys.
Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M
A new Telegram trading bot crypto project has ripped by more than 124% this week after it opened up a new trading terminal for early access. Unibot (UNIBOT), which bills itself as “the Fastest Telegram Uniswap Sniper,” hit its all-time high of $195 at one point on Thursday evening. The 176th-ranked crypto asset by market […]
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