Unibot, the popular Telegram-based trading bot, has been struck by a "token approval exploit." This breach came to light after cybersecurity analysts raised concerns about it.
Security experts at PeckShield were the first to report the incident on October 31, highlighting that approximately $580,000 worth of cryptocurrency had been affected.
Unibot later confirmed the exploit and responded to the situation.
In an official statement, Unibot stated, "We experienced a token approval exploit from our new router and have paused our router to contain the issue." Importantly, they added, "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."
Impact on Token Value
News of the exploit had an immediate and substantial impact on Unibot's token price. According to CoinGecko data at the time of writing, the token value had plummeted by 33% to $38.50, reflecting the significance of the situation.
This breach serves as a stark reminder of the persistent challenges in the cryptocurrency and blockchain space, highlighting the need for ongoing vigilance and security measures to protect digital assets and trading platforms. Unibot's swift response and commitment to compensating affected users demonstrate the evolving landscape of cryptocurrency security and the industry's commitment to safeguarding investors' interests.