UNIBOT Dumps 40% Amid $560k Contract Exploit

Summary

• Unibot, a Telegram bot facilitating decentralized trading on Uniswap, was exploited, resulting in the loss of over $560k worth of various memecoins from Unibot users.
• Unibot has paused the affected router to contain the issue and promised to compensate users for the funds lost due to the bug.

Popular Telegram Bot Suffers Exploit

Unibot, a popular Telegram bot facilitating decentralized trading on Uniswap, fell victim to a devastating contract exploit. The exploit, which targeted a newly deployed Unibot router, resulted in the drain of over $560,000 worth of various memecoins from Unibot users.

Blockchain security firm Scopescan, among many others, alerted the crypto community warning users about the ongoing hack that went unnoticed. Scopescan confirmed that the hacker was exchanging the memecoins for $ETH. 

Scopescan also identified the attacker's address and warned users to revoke any approvals.

Unibot to Compensate Users

Unibot, in response to the attack, announced on its official X (formerly Twitter) account that it had paused the affected router to contain the issue and promised to compensate users for the funds lost due to the bug. The platform assured its users that their keys and wallets were safe and pledged to release a detailed response once investigations conclude.

Onchain smart money tracker Lookonchain further confirmed that the stolen funds had exceeded $600,000.

The Market Reacts

Following the news, the price of the UNIBOT token plunged by over 40%, reaching a low of $33.10 from its daily high of $59.82. However, there are potential signs of price recovery as the token is currently trading at $45.14, according to data from CoinMarketCap. 

The fate of Unibot and its users remains uncertain, as the crypto community grapples with yet another hack.