Unibot Contract Breach Results in Over $560K Loss

Unibot Contract Breach Results in Over $560K Loss

By: Eliza Bennet

Unibot, a popular Telegram bot used for trading on popular decentralized exchange Uniswap, recently suffered a contract approval exploit resulting in a loss of about $560,000 in various memcoins from users. This exploit led to a significant crash in its token price by more than 40%.

The exploit originated from a new contract deployed by Unibot on October 29. Following this incident, blockchain security firm Scopescan advised users to revoke the approvals for the exploited contract and move the funds to a new wallet. The firm also reported that the hacker was converting the stolen memecoins into Ether (ETH).

Following the hack, Unibot's token witnessed an immediate drop in its price from $57.56 to $32.94. However, it has been reported that the token is now making a recovery attempt. Unibot also committed to compensate all users who lost funds due to this incident.

This incident follows a similar exploit that recently drained 280 ETH from users of Maestrobots, a group of cryptocurrency bots on Telegram. Maestrobots managed to compensate affected users from its own sources and added a 20% boost due to the inconvenience.

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