NewsletterDogecoin Developer Signals Alert Over BonkBot Trading Flaws
Highlights
- Dogecoin community developer issues a warning about the BonkBot Telegram bot due to an exploit.
- The developer emphasizes the risks associated with using bots to trade meme coins.
- The BonkBot team responds, clarifying that the exploit is not from their bot but elsewhere in the ecosystem.
A notable developer within the Dogecoin community, Mishaboar, has raised concerns over a Telegram bot named BonkBot. This bot, intended for cryptocurrency trading on the Solana blockchain, has an exploit, as reported. As posted on social media, Mishaboar’s caution centers around the potential dangers of employing bots to trade meme coins such as BONK. The developer’s alert is aimed at the vulnerabilities of custodian hot wallets used by these bots.
Mishaboar recommends the users remove their funds from these Telegram bots until the problem is fixed. Bringing up the threats, he mentions the vulnerability of the platforms to being hacked. These dangers occur in the form of data losses, security breaches, and malicious actions. The warning of the developer becomes more powerful under the impact of very high trading volumes by bots that often go up to $700 million in one single day.
Response from the BonkBot Team
The BonkBot team has responded to the concerns that are being spread. They make it clear that the mentioned exploits do not come from BonkBot itself. However, they propose that the vulnerabilities are elsewhere within the ecosystem. They argue that the users who have lost funds had earlier exported their private keys.
BonkBot team guarantees that the funds of users who have not exported their private keys are safe. This clarification is meant to remove the bot’s users’ fears. It highlights the significance of safe procedures in the handling of cryptocurrency funds. The team’s response tries to uphold the users’ confidence in the safety and dependability of their services in the face of increasing fear.
Binance Introduces New Trading Pairs and Bot Services
In a similar development, Binance, a major digital currency exchange, unveiled new trading pairs as well as bot services. This step is designed to improve the trading experience of its customers. The latest trading pairs consist of Bonk (BONK), Floki (FLOKI), Fantom (FTM), Maker (MKR), Render (RNDR), and Raydium (RAY).
Besides, Binance is also releasing bot services for some trading pairs. These services are designed for a variety of trading strategies, including tools such as Spot Grid, Spot DCA, and Rebalancing Bot. In the beginning, services will be limited to the ETHFI/USDT pair. Binance’s move is a response to the increasing interest and demand for auto trading solutions in the cryptocurrency market.
Read Also: Dogecoin Price Gains Momentum as Whales Dive In, Is $0.3 Next Stop?
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