Unibot contract $560K exploit crashes token price by more than 40% – Crypto News BTC

A brand new contract deployed on Oct. 29 by Unibot, a preferred Telegram bot used to snipe trades on the decentralized alternate Uniswap, was reportedly exploited for roughly $560,000 in varied memecoins from customers.

On Oct. 31, blockchain analytics agency Scopescan alerted Unibot customers about an ongoing hack on Unibot that went undetected. An exploit on a newly deployed contract by Unibot drained the crypto holdings of a number of customers.

.@TeamUnibot appears exploited, the exploiter transfers memecooins from #unibot customers and is exchanging them for the $ETH proper now.

The present exploit dimension is ~$560K

Exploiter deal with:https://t.co/ysyTmgUAit pic.twitter.com/MF85Fdk892

— Scopescan ( . ) (@0xScopescan) October 31, 2023

Unibot later confirmed the hack by revealing preliminary particulars:

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

Amid ongoing investigations from Unibot and blockchain investigators, Scopescan suggested customers to revoke the approvals for the exploited contract (0x126c9FbaB3A2FCA24eDfd17322E71a5e36E91865) and transfer the funds to a brand new pockets.

The hacker is within the technique of changing the stolen memecoins into Ether (ETH), blockchain data from Scopescan reveals.

As seen above, the market reacted negatively to the event because the UNIBOT token witnessed a direct 42.7% drop in its worth in a single hour — from $57.56 to $32.94. Nonetheless, the token’s worth is making a restoration try on the time of writing.

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

Any funds misplaced as a result of bug on our new router will probably be compensated. Your keys and wallets are protected.

We’ll launch an in depth response after investigations conclude.

— Unibot (@TeamUnibot) October 31, 2023

Unibot dedicated to compensating all customers who misplaced funds as a result of contract exploit. Weekly transaction knowledge reveals that cryptocurrencies equivalent to Joe (JOE), UNIBOT and BeerusCat (BCAT) represented a serious a part of the loot.

Cointelegraph additionally discovered from Scopescan that the deal with 0x835B, which is equivalent to the exploited deal with, was deployed and is getting used to obtain tokens from unsuspecting victims.

Unibot has not but responded to Cointelegraph’s request for remark.

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An identical contract exploit just lately drained 280 ETH from users of Maestrobots, a bunch of cryptocurrency bots on the Telegram Messenger app.

Within the following days, Maestrobots paid a complete of 610 ETH from its personal income to cowl all of the person losses whereas citing a scarcity of liquidity to purchase again the misplaced tokens:

“So we compensated affected customers with the ETH equal of their tokens, and boosted that quantity by 20% since you deserve it. These refunds value 334 ETH.”

Blockchain safety agency CertiK confirmed to Cointelegraph that it has been in a position to detect the transactions displaying the 334 ETH compensation paid out to customers from Maestro.

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