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Solareum Trading Bot Incident: What Happened?
On March 31, the Solareum trading bot, operating on the Telegram platform for trading Solana-based tokens, made a shocking announcement. The bot revealed its closure following an exploit that led to the theft of more than 2,000 Solana (SOL) tokens from users’ wallets.
Solareum Trading Bot Shutdown Reasons
The developers conveyed the shutdown news through a Telegram message on the support channel of the Solareum trading bot. They cited a combination of reasons for this decision, including insufficient funds, changing market dynamics, and a recent security breach in their systems.
The team behind Solareum emphasized that due to the lack of funds, they can no longer guarantee the safety of users. Despite efforts to secure additional funding post the exploit, the platform faced challenges.
Exploit Details and Allegations
The exploit resulted in a loss of over 2,800 SOL tokens, valued at approximately $523,000, affecting 302 Solana users on March 29. The incident was attributed to a suspected leak of private keys, enabling unauthorized access to users’ wallets.
Initially, suspicions pointed towards BONKbot, the prominent Telegram trading bot on Solana, as being involved in the exploit. However, the security team of BONKbot denied these allegations, clarifying that affected users had previously exported and utilized their private keys on another Telegram bot, later identified as Solareum.
Response and Collaboration
In response to the situation, the Solareum team addressed accusations of an “exit scam” on their platform. They denied involvement in any fraudulent activities, attributing the incident to a broader exploit affecting various bot projects and DApps.
Following the incident, the Solareum development team has engaged with authorities to potentially recover the stolen SOL tokens. They have also advised users to secure their data and assets promptly as the platform winds down its services.
Despite these efforts, concerns have been raised regarding compensation for affected users. Some victims have threatened legal action if Solareum does not provide a clear plan for reimbursements.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
