Doge Developer Warns Against Telegram Crypto Bot Linked to Solana’s BONK

• Dogecoin developer Mishaboar warns about an exploit affecting BonkBot, used for trading meme tokens like BONK on Solana.
• In response to the circulating concerns, the BonkBot team has reassured users of the bot’s safety, clarifying that the reported exploits do not stem from BonkBot itself but originate elsewhere in the ecosystem.

In a recent development, Mishaboar, a developer associated with Dogecoin (DOGE), has issued a cautionary alert regarding a Telegram bot used for trading cryptocurrencies. Mishaboar, a well-known figure in the DOGE community, has taken to social media to warn users about potential risks associated with using popular Telegram bots for trading meme tokens.

The alert specifically addresses concerns related to an exploit affecting BonkBot, a bot named after the meme token BONK, which is utilized for purchasing tokens on the Solana blockchain.

Users are advised to exercise caution and withdraw funds from these bots until the issue is resolved. Mishaboar emphasizes the risks associated with custodial hot wallets, urging users not to store large amounts of cryptocurrency within them. The message underscores the vulnerability of such platforms to exploits stemming from data leaks, security vulnerabilities, and malicious actors.

BonkBot Issues A Statement

The warning comes amid significant trading volumes observed on these bots, with transactions reaching up to $700 million in a single day. Mishaboar’s advisory serves as an important reminder, especially for newcomers to the cryptocurrency space, who may heavily rely on these bots for trading and asset management.

In light of the ongoing rumors, the BonkBot team has moved to reassure users regarding the safety of the bot. They clarify that the reported exploits are not linked to BonkBot itself, but rather originate from other parts of the ecosystem.

The BonkBot team explains that instances of fund depletion in user accounts occurred when private keys were exported previously. They stress that users who have not exported their keys can be assured that their funds remain secure.

TLDR: BONKbot is SAFE – but there are exploits being triggered elsewhere in the ecosystem!

Our logs show that every user account being drained has previously exported their private keys. There are also non-BONKbot wallets being drained. BONKbot users who did not export their…

— BONKbot (@bonkbot_io) March 29, 2024

Dogecoin Whales Dumping In Massive Quantity

Amid the meme coin frenzy, the world’s largest meme coin dogecoin (DOGE) has also been participating in the rally with over 30% gains over the last week, as reported by Crypto News Flash. However, some of the big whales seem to be booking profits at this point.

As a result, Dogecoin is now experiencing a market correction after a notable surge in its price. This shift has attracted significant attention from cryptocurrency enthusiasts worldwide, as DOGE recently dipped below the $0.22 threshold, exacerbated by a substantial dump of DOGE to a centralized exchange (CEX) today.

Data from the blockchain tracker Whale Alert revealed a significant sell-off of nearly 140 million DOGE during today’s downturn in Dogecoin’s price. This influx of selling activity has sparked speculation about the future price trajectory of the meme-based token. Despite the prevailing bearish sentiment surrounding DOGE, there remains optimism within the broader market trend associated with the token’s price movement, contributing to the complexity of its current market dynamics.

🚨 🚨 139,999,966 #DOGE (30,224,819 USD) transferred from unknown wallet to #Coinbasehttps://t.co/5vGqsPA5eb

— Whale Alert (@whale_alert) March 29, 2024

Recommended for you: