UniBot Exploit Results in Crash of UNIBOT Token

2:08 pm
October 31, 2023

UniBot, a popular Telegram bot utilized for trading on Uniswap, has been exploited, leading to a significant decrease in the value of the UNIBOT token. However, the company has promised to compensate affected users.

Exploitation of UniBot’s New Contract

UniBot, a widely used Telegram bot for decentralized exchange Uniswap trading, recently suffered a security breach. The exploit occurred in a newly deployed contract, resulting in the theft of approximately $560,000 worth of various meme coins from users. To address the issue, UniBot temporarily paused the affected router and advised affected users to revoke approvals for the exploited contract and transfer their funds to a more secure wallet.

Impact on UNIBOT Token Price

As a consequence of the breach, the UNIBOT token, which is closely tied to the UniBot ecosystem, experienced a rapid 42.7% decline in value within just one hour. It dropped from $57.56 to $32.94, causing concern among investors and token holders. While there are signs of a recovery in the token’s price at the time of reporting, the incident has undoubtedly shaken the market.

Compensating Affected Users

UniBot has pledged to compensate users who incurred losses due to the contract exploit. In a tweet, the company stated, “Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe. We will release a detailed response after investigations conclude.”

The hacker involved in the breach converted the stolen meme coins into Ethereum (ETH), leading to further concerns among users.

FAQs

What is UniBot?

UniBot is a popular Telegram bot used for trading on the decentralized exchange Uniswap.

What happened to UniBot?

UniBot was exploited through a security breach in its newly deployed contract, resulting in the theft of approximately $560,000 worth of meme coins from users.

What is the impact on UNIBOT token?

The UNIBOT token experienced a 42.7% drop in value within one hour following the exploit. However, there are signs of a recovery in the token’s price.

Will affected users be compensated?

Yes, UniBot has promised to compensate users who suffered losses due to the contract exploit.

What did the hacker do with the stolen meme coins?

The hacker converted the stolen meme coins into Ethereum (ETH).


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