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Cryptocurrency News Articles
Banana Gun Hack Targeted Experienced Crypto Traders with Substantial Social Media Followings
Sep 25, 2024 at 04:05 pm
Last week, Telegram-based trading bot Banana Gun experienced a significant hack that led to nearly $3 million in losses for its users.
A recent hack of Telegram-based trading bot Banana Gun resulted in nearly $3 million in losses for its users. In response, the Banana Gun team has announced that all 11 affected users will receive full compensation from the project’s Treasury.
The hack, which was first reported on March 10, targeted experienced cryptocurrency traders with large social media followings. During their interactions with the bot, victims claimed to have seen Ethereum transfers from their wallets happening in real time.
Both the Solana and Ethereum Virtual Machine (EVM) versions of the bot were compromised in the attack, despite having different codebases.
The Banana Gun team acted quickly to deactivate the bot, and no further losses were recorded after it was taken offline.
According to the team, the attackers were able to exploit a vulnerability in the Telegram message oracle, which allowed them to initiate manual transfers from users’ wallets. Throughout the process, users received real-time notifications from the bot.
To prevent future attacks, the Banana Gun team, working with external security experts, conducted a thorough investigation, identified the root cause of the breach and took immediate steps to address the issue.
As part of the effort to safeguard users, several new security measures have been implemented.
These include adding two-factor authentication (2FA) for all transfers and a two-hour transfer delay for transactions. Additionally, the Banana Gun team thoroughly examined and upgraded both its front-end and back-end systems. As a further precaution, they redeployed the bot’s infrastructure on new servers and restored trading on the platform, with both the Solana and EVM bots now active.
The investigation into the Banana Gun hack was conducted with the assistance of Security Alliance, a leading Web3 security firm.
Furthermore, the team plans to carry out additional penetration testing and security audits of their systems to enhance the platform's resilience against future attacks.
In the wake of the hack, the announcement of full refunds for the victims has helped restore investor confidence, leading to a sharp increase in the value of BANANA tokens.
Over the past 24 hours, BANANA has gained over 7%, recovering much of the ground lost following the hack. The token’s market capitalization has now crossed $130 million.
While the hack was a setback for Banana Gun, the team’s swift response, compensation for users and new security measures have been praised by the community.
As crypto hacks continue to rise in frequency across the industry, Banana Gun’s handling of the situation has served to reassure its users and bolster the project’s reputation.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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