Unibot Discloses $560K Security Breach; Pledges Full Compensation for Hacked Users
Summary:
Unibot, a popular Telegram bot used to conduct trades on the decentralized Uniswap exchange, has reported a security breach, with an exploit allegedly draining approximately $560,000 in various memcoins from user accounts. Blockchain security firm Scopescan uncovered the ongoing hack which involved a newly deployed contract by Unibot. As a resolution, Unibot is committed to compensating affected users, even as Scopescan continues to investigate the incident.
On October 29, a fresh contract launched by Unibot, a renowned Telegram bot employed for executing trades on the decentralized Uniswap exchange, was supposedly manipulated to illegitimately extract about $560,000 in various memcoins from users. Blockchain security enterprise Scopescan detected a continuing security breach on Unibot on October 31, which remained unobserved previously. The exploiter of a recently enacted contract by Unibot resulted in the digital currency possessions of various users being exhausted.
Unibot afterward confirmed the breach by unfolding preliminary specifics mentioning experiencing a token approval exploit from their new router and pausing the router to regulate the issue. In response to the unceasing investigations by Unibot and blockchain sleuths, Scopescan counseled users to revoke the endorsements for the exploited contract and move their capital to a fresh wallet. Current blockchain information from Scopescan reveals the cybercriminal is amid the procedure of converting the robbed memecoins into Ether (ETH). The ensuing market fallout from this development led to the UNIBOT token suffering an immediate 42.7% plunge in its valuation within one hour albeit, an effort at price recovery has been observed.
Unibot resolved to guarantee recoupment for all users that experienced losses due to the contract exploit. Analysis of weekly transaction data displays that such cryptocurrencies as Joe (JOE), UNIBOT, and BeerusCat (BCAT) constituted a considerable portion of the swag. Cointelegraph received information from Scopescan that the address 0x835B, which matches the compromised address, was set up and is being utilized to receive tokens from innocent victims. As of this report, Unibot has not replied to Cointelegraph's plea for statement.
A recent similar contract exploit led to 280 ETH being unjustly drawn from the users of Maestrobots, a suite of cryptocurrency bots on the Telegram messenger platform. In the subsequent days, Maestrobots disbursed a total of 610 ETH from its private revenue to compensate all user losses, pointing to insufficient liquidity to repurchase the misplaced tokens. Blockchain security firm CertiK confirmed to Cointelegraph that they were capable of tracking the transactions that showed the 334 ETH compensation meted out to users by Maestro.
Published At
10/31/2023 7:36:10 AM
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