Fun

Telegram bot Banana Gun to absorb $3M loss from hack

News Feed - 2024-09-25 08:09:21

Arijit Sarkar7 hours agoTelegram bot Banana Gun to absorb $3M loss from hackBanana Gun has confirmed a $3 million loss caused by a vulnerability in its trading bot, which impacted experienced crypto traders.956 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe Telegram-based cryptocurrency trading bot Banana Gun has announced it will refund users who collectively lost $3 million in a recent hack carried out by 11 attackers.


On Sept. 19, certain Banana Gun users reported unauthorized outbound transfers from their crypto wallets. The revelation forced Banana Gun to temporarily switch off its Ethereum Virtual Machine (EVM) and Solana bots to avoid further losses.


Crypto trading bots facilitate automated trades, often used by crypto traders to optimize profitability.


While initial investigations suggested that 36 users were affected by the attack and lost nearly $2 million worth of Ether (ETH), Banana Gun’s post-mortem report revealed a higher value of loss with fewer casualties. Source:Banana Gun


“A total of 11 users were affected, with $3M drained. All impacted users will be fully refunded from the Banana Gun treasury, with no tokens being sold for reimbursements,” the bot firm stated.Vulnerability within Telegram message oracle


Unlike hackers that usually prey on novice investors, the Banana Gun attacker targeted seasoned crypto traders and was able to manually transfer ETH from their wallets while the trading bots were in use. 


Manual unauthorized transfers and in-bot notifications of the transfers led Banana Gun to suspect that the hacker exploited a vulnerability within a Telegram message oracle. 


Related:Indian crypto exchange WazirX struggles to recover funds 60 days after hack


After patching the vulnerability, Banana Gun restarted EVM and Solana bots and implemented security measures to prevent further fund drains. Measures include a two-hour transfer delay, two-factor authentication for transfers, and a thorough review of systems, among others.Negotiating with hacker


On Sept. 21, the hacker that stole $5 million from leveraging yield protocol Shezmu returned most of its stolen funds after accepting a white hat bounty.Source:Shezmu


Shezmu found that one of its ShezmuUSD (ShezUSD) stablecoin vaults was exploited, and the hacker requested that 90% of the stolen funds be returned within 24 hours through an onchain message.


Within hours, Shezmu began receiving the stolen Dai (DAI) tokens in its wallet. The hacker initially returned 282.18 Ether (ETH) to the protocol and followed it up with another refund of 137 Wrapped Ether (WETH).


Magazine:Lady of Crypto will be ‘all out of crypto’ by September 2025: X Hall of Flame# Blockchain# Wallet# Ethereum# Bot# Telegram# Hackers# Hacks# DeFiAdd reaction

News Feed

The World Economic Forum Is Worried About Safety in the Metaverse
The World Economic Forum Is Worried About Safety in the Metaverse The World Economic Forum (WEF), one of the most influential international institutions, has expressed its worries
Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately
Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately Tesla CEO and Twitter boss Elon Musk has warned of a severe recession in the U.S. The billio
Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro
Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be
Bitcoin’s spot price action does little to spook BTC options traders
Marcel Pechman1 hour agoBitcoin’s spot price action does little to spook BTC options tradersBitcoin futures and options signal investors’ confidence was not meaningfully impacted by BTC’s recent dip to $61,500.1314
Report: Five South Korean Crypto Exchanges Respond to Litecoin MWEB Upgrade by Delisting the Coin
Report: Five South Korean Crypto Exchanges Respond to Litecoin MWEB Upgrade by Delisting the Coin Five South Korean cryptocurrency exchanges recently said they will delist litecoin
Tom Brady’s Autograph NFT Agency Gets $170 Million in Series B Funding Round
Tom Brady"s Autograph NFT Agency Gets $170 Million in Series B Funding Round Autograph, the NFT agency co-founded by famous NFL player Tom Brady, has raised $170 million in its ser
Trump hints at 4th NFT collection, fears Chinese crypto take-over
Ciaran Lyons2 hours agoTrump hints at 4th NFT collection, fears Chinese crypto take-overIn a wide-ranging interview, former United States president Donald Trump hinted at launching another NFT collection, saying “the p
Pump.fun to give $80 if tokens complete bonding curve — will it stop rugs?
Tom Mitchelhill4 hours agoPump.fun to give $80 if tokens complete bonding curve — will it stop rugs?Pump.fun is incentivizing memecoin creators to get their tokens off to a successful launch, but the jury’s out wheth
Hackers Drain $2 Million in DAI From Defi Protocol Akropolis
Hackers Drain $2 Million in DAI From Defi Protocol Akropolis Decentralized finance (defi) protocol Akropolis was on Thursday hacked for $2 million in DAI, in the
Cardano Price Set For 300% Explosion With Major Bullish Impulse
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Charles Schwab Strategist Skeptical of Crypto — Puts Faith in Banking System, Federal Reserve
Charles Schwab Strategist Skeptical of Crypto — Puts Faith in Banking System, Federal Reserve Charles Schwab’s chief investment strategist says she puts
Ethereum Price Climbs To $4,000 Amid Historic ETF Inflows: Will It Break Previous Records?
Este artículo también está disponible en español. In a significant market development, Ethereum (ETH) has surpassed the $4,000 mark for the first time in over ten months,