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Banana Gun’s unsuccessful contract underwent two audits, yet ChatGPT identified the flaw in moments.
The highly anticipated introduction of the Telegram bot Banana Gun’s native token BANANA could not have unfolded more poorly, as the price of the newly launched BANANA plummeted from a high of $8.70 to $0.02 in under three hours following its debut.
Banana Gun (BANANA) token price movement since launch. Source: DexScreener
Some members of the crypto community were quick to raise concerns, accusing it of being a “rug pull.” However, the official X account for Banana Gun attributed the issue to a bug in the token’s contract that the team was unable to fix on the fly, stating that the bug managed to evade detection “despite two audits.”
Announcement
We have identified a bug in our contract that we cannot fix immediately.
Despite two audits, there is a bug in the contract related to our taxes, which permits individuals to sell their holdings while still having tax tokens in their wallet.
1. The first step is to sell the treasury wallet to deplete the liquidity pool…— Banana Gun (@BananaGunBot) September 11, 2023
However, the Banana Gun team and its auditors may face embarrassment, as a pseudonymous developer, MisterChoc, claimed to have utilized OpenAI’s chatbot ChatGPT to identify the flaw in mere seconds.
Banana asserted they had two audits. So I requested a third one from my preferred auditor: ChatGPT
And it detected the bug https://t.co/cA9ju08dHB pic.twitter.com/F1GCtmEiSs— MisterCh0c (@Mister_Ch0c) September 11, 2023
The Banana Gun team detailed the “path forward” for users affected by the situation, indicating that the initial step is to sell the treasury wallet to drain the liquidity pool for a new contract.
Furthermore, the team stated that they would soon relaunch the token with an airdrop to ensure that unfortunate BANANA investors could be compensated while the new contract undergoes auditing.
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Related: Telegram trading bots are gaining traction, but caution is advised regarding custody — Security firms
In this instance, ChatGPT has been commended for its rapid identification of the flaw; however, experts have continued to caution against relying on AI for coding and auditing tasks.
Speaking to Cointelegraph on Sept. 5, CertiK Chief Security Officer Kang Li noted that ChatGPT and similar AI tools might introduce more bugs than they resolve, which could be detrimental for novice developers attempting to create their own projects.
Banana Gun is among the latest and more prominent entrants in the Telegram bot trading landscape, following the notable success of Unibot. Since Unibot’s emergence, trading enabled by Telegram bots has seen a marked increase in popularity among traders seeking to swiftly acquire new tokens and efficiently pursue airdrops.
Data from Dune Analytics indicates that DEX trading bots achieved a record daily trading volume of $16.7 million on Aug. 29.
Total telegram bot trading volume since Jan. 2023. Source: Dune Analytics
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