New UniBot contract exploited, UNIBOT token crashes

• UniBot, a well-liked Telegram bot used for Uniswap buying and selling, was exploited.
• UNIBOT token worth plummets.
• Person compensation has been promised.

UniBot, a well-liked Telegram bot used for sniping trades on Uniswap, has fallen sufferer to a big exploit, inflicting a pointy decline within the worth of the UNIBOT token.

Exploitation of UniBot’s new contract

In a shocking flip of occasions, UniBot, the broadly used Telegram bot for decentralized change Uniswap buying and selling, lately skilled a safety breach.

The breach occurred in a newly deployed contract, ensuing within the theft of roughly $560,000 value of assorted meme cash from customers. The corporate recognized the problem as a “token approval exploit” originating from their new router, prompting them to briefly pause the router to mitigate the scenario.

Though investigations are nonetheless underway, blockchain safety agency Scopescan suggested affected customers to revoke approvals for the exploited contract and switch their funds to a safer pockets.

Influence on UNIBOT token worth

The repercussions of this breach have been swift and substantial. The UNIBOT token, which is intently tied to the UniBot ecosystem, noticed a direct 42.7% drop in its worth inside a single hour. It plummeted from $57.56 to $32.94, leaving buyers and token holders involved about their property.

Nonetheless, on the time of reporting, there have been indications of a restoration within the token’s worth, however the incident undeniably rattled the market.

Compensating affected customers

UniBot responded to the scenario by pledging to compensate customers who suffered losses because of the contract exploit.

We skilled a token approval exploit from our new router and have paused our router to comprise the problem.

Any funds misplaced because of the bug on our new router might be compensated. Your keys and wallets are protected.

We are going to launch an in depth response after investigations conclude.

— Unibot (@TeamUnibot) October 31, 2023

Cryptocurrencies akin to JOE, UNIBOT, and BCAT had been among the many digital property that had been a part of the loot. Notably, the hacker concerned within the breach was noticed changing the stolen meme cash into Ethereum (ETH), inflicting additional concern amongst customers.