Banana Gun Token Launch Turns Sour: Price Plummet and ChatGPT Spots Flaw
Summary:
The launch of Banana Gun's native token BANANA turned disastrous as its price plummeted from $8.70 to $0.02 within hours, attributed to a bug in the token's contract. ChatGPT, an AI-powered assistant, quickly detected the flaw, embarrassing the team and auditors. The team plans to sell the treasury wallet, introduce a new contract, and conduct additional audits. Experts caution against relying solely on AI for code writing and auditing. Banana Gun is a prominent player in Telegram bot trading, despite recent incidents. DEX bots' trading volume reached a record high of $16.7 million.
The highly anticipated launch of Banana Gun's native token BANANA turned into a disaster as the price plummeted from $8.70 to $0.02 within just 3 hours of its release. Some users accused the project of a "rug pull," but Banana Gun attributed the issue to a bug in the token's contract that their team was unable to fix. Despite undergoing two audits, the bug went unnoticed. The team announced that they would sell the treasury wallet to drain the liquidity pool and introduce a new contract to rectify the situation. A pseudonymous coder, MisterChoc, claimed to have spotted the flaw almost immediately using OpenAI's chatbot, ChatGPT, casting further embarrassment on the Banana Gun team and their auditors. Nevertheless, the team outlined their plan to assist affected users, including an airdrop and a new round of audits for the relaunched token. While ChatGPT's capabilities were praised in this instance, experts caution against relying on AI for code writing and auditing, as it may introduce more bugs than it can identify. Banana Gun is a prominent player in the Telegram bot trading scene, which has gained popularity among traders seeking to seize new tokens and airdrops quickly. Despite recent incidents, the trading volume of DEX bots hit a record high of $16.7 million on August 29th, signifying the continued growth of this market.
Published At
9/12/2023 5:27:57 AM
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