Fun

News Feed - 2023-08-11 08:08:00

Jesse Coghlan29 minutes agoTelegram trading bots are hot, but don’t trust them for custody — Security firmsThere are still too many unknowns over how various Telegram trading bots store private keys, blockchain security firms told Cointelegraph.97 Total views38 Total sharesListen to article 0:00NewsJoin us on social networksTelegram trading bots, which have been turning the messaging platform into a quasi-crypto marketplace, pose significant security risks for users and require further scrutiny, according to blockchain security firms.


While such trading bots have existed for years, they"ve recently gained attention as crypto markets gain and associated bot tokens have gained in price, blockchain security firm CertiK told Cointelegraph.


As of the time of writing, the combined market capitalization of Telegram bot tokens is nearing $250 million, according to CoinGecko. The largest of the pack is Unibot; other popular bots include Wagie Bot and Mizar.


The bots are automated programs that run through Telegram, allowing users to make trades on decentralized exchanges (DEXs) by sending messages to it through the app.Telegram bot tokens will be the next crypto meta in the coming 1-2 months. Agree or disagree? https://t.co/LewLnlivSm— Bobby Ong (@bobbyong) July 19, 2023


CertiK, however, warned that many Telegram bots create crypto wallets for users, with only some actually providing the private key.


It’s unclear if they’re stored with accessibility by project employees, on the user device, or backed up through Telegram.


“While these platforms offer high-volume DEX trading options, they should be considered extremely high-risk and unsuitable for medium to long-term storage of assets,” CertiK said.


The Unibot token market capitalization is over $185 million — the largest Telegram bot token by market cap.


Related:Curve-Vyper exploit: The whole story so far


Latest data shows Unibot users have traded a volume of $155 million across over 230,000 trades using the bot, according to Dune Analytics.The daily trading volume of Unibot users since late May shows a spike around late July. Source: Dune


In an Aug. 5 post, blockchain security firm Beosin also highlighted the security risks of using the bots, claiming their centralization posed a risk to a user’s private wallet keys.


It added further security risks come from many of the bots not open-sourcing their code or undertaking security audits and a user could also lose control of their funds if their Telegram account is hacked.


Beosin recommended projects open-source their code to make security reviews easier and ensure better storage of user private keys.


Hall of Flame:Wolf Of All Streets worries about a world where Bitcoin hits $1M# Wallet# Adoption# Bot# Telegram# DeFi# TradingAdd reactionAdd reactionRelated NewsHow to track and report crypto transactions for tax purposesHow will Bitcoin halving affect BTC price, and is DeFi dead?11 ChatGPT prompts for maximum productivity

News Feed

After Pundits Predicted Bitcoin’s Death for 11 Years, Barrels of Crude Oil Trade Below Zero
After Pundits Predicted Bitcoin"s Death for 11 Years, Barrels of Crude Oil Trade Below Zero Global markets had a historical day on Monday, as the price of oil dropped below zero and
Report: Pandemic Response Pushed Global Debt to $272 Trillion in Q3, $5T in Borrowing Expected in Q4
Report: Pandemic Response Pushed Global Debt to $272 Trillion in Q3, $5T in Borrowing Expected in Q4 The Institute of International Finance (IIF) says global deb
Analyst: ‘Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While’
Analyst: "Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While" The analytics provider Ecoinometrics has published a tweetstorm t
Indian Central Bank RBI Begins First Digital Rupee Pilot Today
Indian Central Bank RBI Begins First Digital Rupee Pilot Today India’s central bank, the Reserve Bank of India (RBI), is launching its first digital rupee pilot on Nov. 1. wi
Satoshi-era dormant Bitcoin address wakes up after 10 years
Prashant Jha24 minutes agoSatoshi-era dormant Bitcoin address wakes up after 10 yearsAccording to a Chainalysis report, there are a total of 1.75 million dormant BTC addresses inactive for over a decade.601 Total views1
Brayden Lindrea8 hours agoGrayscale Bitcoin ETF decision could happen this week, pundits sayThe pending Grayscale ruling could impact the race for an approved spot Bitcoin exchange-traded fund.5467 Total views43 Total sh
Bitcoin Now Less Volatile Than Nasdaq and S&P 500 — Stock Markets More Reactive to Inflation, Strong Dollar, Rate Hikes, Energy Crisis
Bitcoin Now Less Volatile Than Nasdaq and S&P 500 — Stock Markets More Reactive to Inflation, Strong Dollar, Rate Hikes, Energy Crisis Bitcoin’s volatility has fallen belo
SEC Strategic Plan: Crypto Initiatives Among Top Priorities Over Next 4 Years
SEC Strategic Plan: Crypto Initiatives Among Top Priorities Over Next 4 Years The U.S. Securities and Exchange Commission (SEC) has revealed some initiatives involving crypto asset
Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses
Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses Digital currency markets have dropped in value during the last two days as more tha
Enforcement of South Korean virtual assets law prescribed in decree
Derek Andersen5 hours agoEnforcement of South Korean virtual assets law prescribed in decreeThe details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19
The 4 Best Presales to Buy as Morgan Stanley Sets to Expand its Crypto Market Presence
Este artículo también está disponible en español. Donald Trump winning the elections has ushered in an unprecedented amount of bullish sentiment in the crypto market. Wit
Filing suggests SEC is exploring grounds to deny spot Ether ETFs
Turner Wright2 hours agoFiling suggests SEC is exploring grounds to deny spot Ether ETFsA March 4 filing for BlackRock"s spot Ether ETF called for feedback on whether the investment vehicle could be listed as a commodity