On-chain data shows that Unibot hackers moved $630,000 of the wiped funds from the trading chatbot of Telegram. The medium that was used to temper the data of token origin was Tornado Cash.
The information of the exploit was confirmed by the Unibot community on ‘X’ the post notes that the platform suffered a “token approval exploit” on its new router.
The post further states that “Unibot experienced a token approval exploit from our new router and have paused our router to contain the issue”. “Any funds loss due to the bug on our new router will be compensated. Your keys and wallets are safe”.
The hack affected the native token of Unibot, the token tanked by more than 30% to $32.94. It is important to note that the trading bot failed to provide the appropriate information about the missing funds.
Cyvers Alerts stated that bad actors wiped out approximately 345 ETH which are roughly equal to $630,000. It also noted that hackers was funded via Fixed Float and that: “ The root cause appears to be the absence of input for the ‘transferFrom’ function to transfer tokens that have been granted approval to the contract”.
The Unibot community is working closely with analysis firms and other authorities to figure out the issue and while publishing a detailed report soon.
Overview Crypto Hacks Q3 2023
Crypto hacks have significantly increased in the third quarter as compared to the first and second quarters of 2023. The total amount of capital that bad actors stole in Q3 was $889.26 Million.
Most funds were wiped out using the hacking model, followed by the rug pulls and phishing. Biosin, a blockchain security firm, highlighted in its recently released report that a boost of 35% to 40% is seen in the crypto hacks in Q3 2023.
Ethereum became the most troubled blockchain, accounting for the highest losses overall, totaling $227 Million. Ethereum also saw the highest number of attacks, reaching 16 times.
Regarding attack types, there were 9 private critical compromise incidents this quarter, resulting in losses reaching $223 Million, the most among attack types. Regarding stolen fund flows, $360 Million (67%) remained in the hacker’s addresses.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/01/unibot-exploiters-used-tornado-cash-to-transfer-630000/