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Banana Gun, a trading bot operating on Telegram, was breached on September 19, resulting in significant losses for its users.
Reports suggest that wallets associated with Banana Gun were emptied of more than 500 ETH, totaling approximately $1.9 million in losses.
Details of the Banana Gun Hack
Initial reports of the breach came from various community members, and the on-chain security protocol Failsafe verified the incident via a post on X.
SECURITY ALERT
We have received notifications of wallet drains impacting @BananaGunBot users.
If you believe your funds may be compromised:
– Transfer your assets to a new wallet
– Secure your assets using our free tool at https://t.co/Vr7qwpksc2
We will continue to provide updates— FailSafe Protocol (@protectmywallet) September 19, 2024
The affected individuals, numbering at least 11, have together lost $1.9 million in cryptocurrency.
While the number of affected users is relatively low, some individuals on X (formerly Twitter) have expressed skepticism regarding whether the Banana Gun bot itself was directly compromised.
It appears there are already 36 victims with nearly 563 #ETH stolen “so far” on mainnet. The latest was drained an hour ago, but there are rumors that drains have also begun on #SOL.
I wouldn’t assert that @BananaGunBot itself was hacked, as there aren’t enough victims. pic.twitter.com/0Ktz3TCcyu— yannickcrypto.eth (@YannickCrypto) September 19, 2024
The team has recognized the situation, stating, “We are looking into the matter; the bot is currently offline,” in a pinned message on their Telegram channel.
This incident is not the first challenge faced by Banana Gun. In September of the previous year, the project encountered a problematic launch of its revenue-sharing Banana token due to a flaw in the smart contract.
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Importantly, Banana Gun ranks among the top Telegram-based trading bots, with its Dune Analytics dashboard indicating over $6 billion in trading volume processed for nearly 272,000 users.
Despite its widespread use, the recent security incident has ignited discussions regarding the safety of automated trading tools within the cryptocurrency sector.
Comparison to Other Telegram Trading Bot Hacks
Banana Gun is not the only trading bot to experience security issues. In October 2023, another Telegram-based trading bot, Unibot, was hacked, leading to user losses exceeding $600,000.
The on-chain analytics account Lookonchain reported that the Unibot breach was due to a “Call Injection” exploit, where attackers utilized malicious call data to transfer tokens authorized for Unibot contracts.
A hacker targeted @TeamUnibot and is stealing users’ assets.
Currently, the stolen assets have surpassed $600K.
If you utilize #Unibot, please transfer your funds to different wallets or revoke contract approvals as soon as possible.
0x126c9FbaB3A2FCA24eDfd17322E71a5e36E91865 pic.twitter.com/ioObZ3WAyR— Lookonchain (@lookonchain) October 31, 2023
In a similar vein, the Solana-based Telegram bot Solareum ceased operations earlier this year due to inadequate funding and a security breach that resulted in the theft of over 2,800 SOL from more than 300 users, totaling $520,000 in losses.
These occurrences underscore a concerning trend regarding the increasing susceptibility of trading bots to security threats.
The Banana Gun hack represents yet another instance in the expanding list of breaches within the automated trading landscape.
The post Telegram Bot Banana Gun Users Lose 500 ETH to Hack – What’s Going On? appeared first on Cryptonews.
