- The Unibot platform might not be as safe as the team claimed a few days ago.
- The platform has been exploited for thousands of dollars.
- Users demand a refund as the native token sheds 25%.
Hardly a week after assuring users of its Router’s safety and touting a new security feature known as Unibot Cloud, Unibot has reportedly been exploited for thousands of dollars in assorted memecoins.
On-chain analytics firm Scopescan announced on October 30 that the unified crypto trading platform had been exploited for approximately $560,000. According to Scopescan, the exploiter transferred the funds from Unibot users before exchanging them for Ethereum (ETH) through Tornado.
Although user funds are feared to be lost, as confirmed by the Unibot team, the exploit had a seismic impact, extending to the UNIBOT token.
UNIBOT Token Loses 25%
Following Scopescan’s alert, the Unibot team took to Twitter a day later, acknowledging that its newly deployed contract had experienced a token approval exploit and that the affected router had been paused to contain the issue.
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“We experienced a token approval exploit from our new router and have paused our router to contain the issue. 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 Unibot team stated.
These developments culminated in the platform’s native token, UNIBOT, losing over 25% of its value in less than an hour. According to CoinGecko data captured on October 31, UNIBOT’s price dropped from $57.56 at 5:00 a.m. (UTC) to $32.94 at 5:40 a.m. (UTC).
At the time of press, the token had stabilized at around $42.97.
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Even as the Unibot team reiterated that user keys and wallets were safe after the exploit, it didn’t seem so one hour after the assurance.
Users Claim the Exploiter Is Still Active
According to some Twitter (X) users who responded to Unibot’s alert, the unified crypto trading platform has hardly contained the situation, given that “people are still getting drained.”
While expressing disappointment, some users wanted the platform to refund the lost funds in original tokens (memecoins), not ETH.
Read more about the new crypto wallet that will go live on Telegram this November:
TON Space’s Crypto Wallet to Go Live on Telegram in November
Find out why users were recently concerned by the SHIB Telegram hack:
Unsettling SHIB Telegram Hack Sends Shockwaves Through Community
