In a recent development within the crypto space, Mishaboar, a developer associated with Dogecoin (DOGE), has issued a cautionary alert regarding a Telegram bot linked to trading cryptocurrencies. Mishaboar, a prominent figure within the DOGE community, took to social media platforms to warn users about potential risks associated with using popular Telegram bots for trading meme tokens.
The alert specifically addresses concerns surrounding an exploit affecting BonkBot, a bot named after the meme token BONK and utilized for purchasing tokens on the Solana blockchain.
Gamza KhanzadaevThe warning advises users to exercise caution and withdraw funds from these bots until the issue is resolved. Mishaboar highlights the inherent risks associated with custodial hot wallets, urging users to refrain from storing large amounts of cryptocurrency within them. The message underscores the susceptibility of such platforms to exploits stemming from data leaks, security vulnerabilities and malicious actors.
The urgency of the warning is accentuated by the staggering trading volumes observed on these bots, with transactions reaching up to $700 million in a single day. Mishaboar's advisory serves as a wake-up call, particularly for newcomers to the cryptocurrency space who may rely heavily on these bots for trading and asset management.
Funds are safe, says bot team
However, in response to the circulating rumors, the BonkBot team has reassured users of the bot's safety. They assert that the reported exploits are not originating from BonkBot itself but rather from elsewhere in the ecosystem.
According to the BonkBot team, user accounts that have experienced fund depletion had previously exported their private keys. They emphasize that funds of users who have not exported their keys remain secure.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin