A Telegram trading bot crypto project that was launched earlier this year has been exploited for more than $600,000.

According to the team behind the Unibot (UNIBOT) crypto project, the nature of the hack was a token approval exploit.

“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.”

UniBot, which bills itself as “the Fastest Telegram Uniswap Sniper,” has undergone a precipitous 16% drop in the last 24 hours since the news broke. The Telegram bot aims to allow users to trade crypto tokens on Uniswap v3. It’s a Leveraged Liquidity Provision (LLP) platform developed by the Singapore-based crypto investment platform Diamond Protocol.

According to crypto security alert firm Peckshield, one of the exploiters already exchanged the stolen funds for Ethereum (ETH). In addition, the funds have already been laundered.

“Exploiter #1 has swapped the stolen coins for ~355.75 ETH (worth ~$640,000) and laundered them via TornadoCash.”

Source: PeckShield/XSource: PeckShield/X

At time of writing, the loot of stolen crypto is worth $640,745.

The Unibot trading bot was released in May of 2023. UNIBOT is worth $42.11 at time of writing, down 36% in the last month.

Generated Image: Midjourney

The post Telegram Trading Bot Unibot Suffers $640,000 Exploit Against Token Approval Contract: Peckshield appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 1, 2023 8:22 pm