On September 19, the BANANA token of Banana Gun experienced a significant drop, despite an overall rise in the cryptocurrency market. The drop was caused by a security breach involving the platform’s Telegram Bot, leading to approximately 36 users losing funds totaling nearly $2 million.
Cybers, a blockchain security firm, reported that at least 11 attackers withdrew a collective $1.9 million from Banana Gun users’ accounts. Hakan Unal, a senior security executive at Cyvers, later revealed a list of wallet addresses linked to the attackers. The breach is believed to have exploited a vulnerability in the bot’s user interface rather than its smart contract.
In response to the hack, Banana Gun has suspended its Telegram Bot to conduct a thorough investigation and is encouraging users to assist by providing relevant information. Despite the breach, Unal emphasized that the hackers were only able to compromise a limited number of accounts.
Banana Gun is a prominent trading bot on Telegram with nearly 300,000 users and a trading volume of about $6 billion. It offers features such as automated order execution and copy trading. The platform gained further attention when its BANANA token was listed on Binance in July as part of Binance’s HODLer Airdrop program.
Following news of the hack, the price of BANANA dropped nearly 8% within an hour, with the token now trading around $38.40.
This incident adds to a series of high-profile security breaches in the crypto space, including a $230 million hack on Indian exchange WazirX two months ago. The increasing frequency of such events highlights the need for platforms to bolster their security measures, while users are advised to exercise caution and adopt risk management strategies when engaging with cryptocurrency platforms.
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