The much-anticipated debut of the Banana Gun’s Telegram bot native token, BANANA, was nothing short of a disaster, as its value plummeted from a high of $8.70 to a mere $0.02 within three hours of its introduction. Some members of the crypto community were quick to label it a “rug pull,” but the official Banana Gun X account attributed the fiasco to a contract bug that couldn’t be patched quickly, even though it had undergone two audits. The embarrassment is likely to be felt deeply by the Banana Gun team and their auditors after MisterChoc, a coder using a pseudonym, reportedly used OpenAI’s ChatGPT to identify the error almost instantly.
Banana Gun has outlined a plan of action for affected users, starting with selling the treasury wallet to empty the liquidity pool for use in a new contract. The team also announced plans for a token re-launch with an airdrop to compensate unfortunate BANANA investors while having the new contract audited. ChatGPT has received accolades for swiftly identifying the error, but experts still caution against relying on AI for code writing and auditing.
CertiK Chief Security Officer Kang Li, in a conversation with Cointelegraph on September 5, expressed concerns that AI-powered tools like ChatGPT might generate more bugs than they detect, a scenario that could spell disaster for novice coders working on their own projects.
Banana Gun is a recent yet potent addition to the Telegram bot trading arena, an area that has grown in popularity among ‘degen’ traders keen on quickly sniping new tokens and pursuing airdrops more effectively following the remarkable success of Unibot. Dune Analytics data reveals that on August 29, DEX trading bots recorded an all-time high daily trading volume of $16.7 million.
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