Banana Gun User Wallets Reportedly Compromised, $1.4M in ETH Stolen

The Banana Gun Hack has raised alarms across the cryptocurrency community as reports surfaced about the compromise of user wallets. The Telegram-based trading bot, Banana Gun, experienced a security breach, resulting in the loss of approximately $1.4 million, equivalent to 563 ETH. 

Despite the breach’s scale, it’s reported that fewer than 50 Telegram user accounts were directly impacted, with the attacker withdrawing funds from these accounts.

Banana Gun Bot Halted After $1.4M in ETH Drained

Recent disclosures from community members on the social platform X highlight the gravity of the situation surrounding the Banana Gun Hack. It appears the attackers managed to siphon off around 563 ETH from 36 distinct wallets linked to the bot’s operations. 

This incident prompted an immediate shutdown of the bot as the development team commenced a thorough investigation. The team’s swift response aims to understand the breach’s extent and prevent further unauthorized access. Through the bot’s telegram account, the team said,

“We are investigating the issue, bot is currently offline.”

The compromised accounts were part of a trading community that utilized the trading bot to automate transactions and capitalize on new token launches. Some of the users were frustrated with the lack of communication from the team. The user said that the team need to make a tweet about it as many people were already scared.

Community Response and Safety Measures

In the wake of the crypto hack, the Banana Gun team has issued advisories to its users through their official Telegram channel, urging them to secure their assets and refrain from making transactions through the bot. The community response has been a mix of concern and calls for enhanced security protocols to prevent future crypto hacks.

Moreover, community member yannickcrypto.eth shared insights on X, pointing out that the bot was not directly hacked. The user said the number of victims was low and could mean the hack was not on the trading bot. However, the incident’s impact was severe enough to warrant caution with some users speculating that the attack was over.

Previous Hack Challenges and Forward Steps

This is not the first time Banana Gun has faced operational challenges. A previous incident in September last year involved issues with the launch of its Banana token, which suffered from a contract bug, affecting confidence among its user base.

The crypto community has been experiencing numerous hacks with hackers employing different methods to exploit unaware users. A recent CoinGape report said that some X accounts, including those of Yahoo News UK and Lenovo India got hacked. In this particular hack, the hackers were promoting meme coin HACKED.

In addition, another decentralized protocol, Ethena Labs, had to halt website yesterday after hackers compromised their domain. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.