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Unibot Hack Drains $560,000 with Over 40% Price Drop

Unibot, the widely used Telegram bot renowned for its prowess in sniping trades on the Uniswap decentralized exchange, found itself at the center of a significant exploit, leaving many users disheartened and wary of the security of their assets. On October 29, a new contract deployed by Unibot became the vector for a devastating hack, which reportedly resulted in losses of roughly $560,000 in various meme coin.

The breach went unnoticed until October 31 when blockchain security firm Scopescan sounded the alarm and alerted Unibot users about an ongoing hack that had managed to slip under the radar. The breach, which was attributed to an exploit on the freshly deployed contract, resulted in the siphoning of crypto assets from several users.

Unibot swiftly acknowledged the incident, shedding light on the situation through a public statement, stating, “We experienced a token approval exploit from our new router and have paused our router to contain the issue.” This marked the beginning of a race against time to identify the perpetrators and restore confidence among Unibot users.

In the wake of this security lapse, both Unibot and the blockchain investigation community are actively engaged in dissecting the exploit and tracing its origins. Simultaneously, Scopescan, a trusted name in blockchain security, advised Unibot users to take action by revoking the approvals for the compromised contract (0x126c9FbaB3A2FCA24eDfd17322E71a5e36E91865) and transferring their assets to more secure wallets. This precautionary step is crucial to prevent further losses and minimize potential risks stemming from the hack.

The repercussions of this breach were immediately felt in the crypto market, as the UNIBOT token, the backbone of the Unibot ecosystem, experienced a rapid and significant drop in price. In the span of just one hour, the token’s value plummeted by 43%, falling from $57.5 to $33, at the time of writing, the UNIBOT token is trading at $45. The sudden dip underscored the fragility of the crypto market and the profound impact that security breaches can have on investor sentiment.

UNIBOT Price chart | Source: Coingecko

However, Unibot and its dedicated team are not letting this incident go unaddressed. They took to Twitter to reassure users, stating, “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.” This public commitment to reimbursing affected users and conducting a thorough investigation instills a sense of hope that the security breach will not be left unresolved.

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