24/7 Cryptocurrency News

Banana Gun Hack Victims To Get Full Refund, BANANA Price Jumps 7%

Telegram-based bot Banana Gun has announced a full refund of $3 million to victims, resulting in a 7% surge in the BANANA price.
Published by
Banana Gun Hack Victims To Get Full Refund, BANANA Price Jumps 7%

Highlights

  • Banana Gun announced that all 11 affected users will receive full refunds from the Banana Gun Treasury.
  • The exploit primarily affected experienced crypto traders, with attackers manually transferring ETH from users' wallets.
  • The Banana Gun team patched a vulnerability in the Telegram message oracle and implemented new security measures.

Last week, victims of the Banana Gun hack lost a total of $3 million to exploiters. In the latest development, the team announced that it will issue a complete refund to all 11 victims, and pay them via its own Treasury. The announcement sent the BANANA price soaring up by 7% thereby recovering the last week’s losses.

Advertisement

Banana Gun Hackers Targeted Crypto Veterans

Details of the Banana Gun hack revealed that the attackers targeted crypto veterans with strong trading backgrounds or substantial social media presence. This further led to significant losses for the victims.

During the attack, users observed that the attackers manually transferred ETH from their wallets in real-time while receiving notifications from the Telegram trading bot. Despite having independent codebases, both the Ethereum Virtual Machine (EVM) and Solana versions of the Telegram-based bot were compromised. The team then quickly managed to shut down the bot, and no further attacks occurred after its deactivation.

However, the Banana Gun EVM and Solana bots are back online and trading activity has been bustling again on the platform. Here’s a look into some of the top crypto trading bots for 2024.

Advertisement

BANANA Price Surges 7% After Addressing Vulnerabilities

A detailed investigation into the hack along with the external security experts reveals that the hacker exploited a vulnerability in the Telegram message oracle, during the recent attract. This exploit led to the manual transfers of ETH from users’ wallets, leading to significant losses.

Thus, the manual nature of the transfers and the in-bot notifications users received during the attack were the root cause of the issue. After addressing the vulnerability the team has reactivated the bot by enhancing the security protocols.

To prevent future incidents, Banana Gun has introduced several mitigation measures:

  • Firstly, they have implemented a two-hour transfer delay.
  • They have also added Two-factor authentication (2FA) for transfers.
  • The team has thoroughly reviewed both back-end and front-end systems.
  • The back end has been redeployed on new servers.
  • The Telegram trading bot conducted the investigation in collaboration with Security Alliance, a leading web3 security firm.
  • Upcoming steps include penetration testing and additional audits of the web app and Telegram bots.

Following this announcement of the refund, the BANANA price jumped 7% moving past $39.00 and its market cap crossing $133.5 million. With this, it has regained most of the last week’s losses.

Crypto hacks have increased recently, especially on the X platform, with OpenAI executive accounts compromised recently.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Analyst Eyes Solana ATH as 21Shares’ SOL-Focused Jupiter ETP Launches on Swiss Exchange

A crypto expert believes that Solana could reach a new ATH due to its improving…

September 30, 2025
  • Ethereum News

Experts Predict Big ETH Rally on Bullish Options, Whales Signal Post-False Break

ETH saw a sudden rebound to $4,200 from $3,800 level after the fourth false break,…

September 30, 2025
  • 24/7 Cryptocurrency News

US Shutdown: Bitcoin, Gold, and Silver Rally as Govt. Shutdown Odds Jump to 85% on Polymarket

Amid high chances of a US shutdown from October 1, hedge assets like Bitcoin, Gold…

September 30, 2025
  • 24/7 Cryptocurrency News

SEC Halts Trading In Solana Treasury Stock QMMM After Share Price Surges 959%- Market Manipulation?

The U.S. SEC has suspended trading in the QMMM stock following a nearly 1,000% increase…

September 30, 2025
  • Bitcoin News

BREAKING: BlackRock Amends Bitcoin ETF (IBIT), Ethereum ETF (ETHA) Amid New Milestone

Financial services giant BlackRock filed with the U.S. Securities and Exchange Commission (SEC) to amend…

September 30, 2025
  • 24/7 Cryptocurrency News

Bloomberg Analyst Says XRP ETF Approval Odds Now 100% as Expert Eyes $33 Rally

Bloomberg analyst Eric Balchunas now says the odds of approval of crypto spot ETFs, including…

September 30, 2025