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2024-04-02

Telegram Solareum trading bot permanently closed?

Solana-based Telegram Solareum trading bot says it will be permanently shut down due to insufficient resources and a recent security breach.
"It is with deep regret that we announce the closure of the Solareum project," the developers said on March 31 on Telegram's Solareum support channel, and made available on the X platform via the trading bot BONKbot, co-founded by "king.sol."
"Unfortunately, due to a combination of insufficient resources, changing market trends and a recent security breach of our systems," - they wrote.
The team added that despite "concerted efforts to secure additional funding, adapt to market changes and strengthen our security measures," it can no longer "provide security to our users due to lack of funding."
Solareum is a cryptocurrency trading bot based on Telegram messenger with an EVM-SVM bridge programmed to buy and sell Solan crypto tokens based on certain predetermined parameters.
According to BONKbot's analysis, wallet depletion programs linked to the exploited trading bot caused the loss of more than 2,800 SOLs worth about $520,000 from more than 300 Solana users .
It was initially thought that the Telegram BONKbot trading bot was behind the exploit. However, this was denied on March 30, with the team stating that BONKbot was safe, then adding, "There was an exploit in another Solana application."