Unibot hack drains over $600K as users rush to revoke approval.
The popular Telegram-based cryptocurrency trading bot Unibot was hacked earlier today, resulting in losses of over $600,000 for users.
According to data from CoinMarketCap, the price of Unibot's native token plunged from $56 to $39 after news of the hack broke. This represents a nearly 30% drop in price.
Scopescan reported that the hacker was draining funds from Unibot user accounts and converting them to ETH. The hack was made possible through a call injection vulnerability, which allowed the hacker to transfer tokens out of wallets connected to Unibot.
In a tweet, the Unibot team confirmed the hack, saying "We experienced a token approval exploit from our new router and have paused our router to contain the issue."
Unibot is a popular Telegram bot that allows users to trade cryptocurrencies without having to leave the Telegram app. It is one of the most popular crypto trading bots on Telegram, with over 1,300 active users.
The hack serves as a stark reminder of the risks associated with giving up control over private keys to third-party services like trading bots. While convenient, bugs like the one exploited in this case can lead to significant losses for users. Unibot has said they will compensate affected users, but the full impact is still being assessed.
