The Solana-based Telegram trading bot, Solareum, has announced its permanent closure due to a combination of financial constraints and a recent security breach.
The developers cited insufficient funding, evolving market trends, and a recent security breach as the primary reasons for shutting down the project.
In late March, the trading bot experienced a security breach that led to wallet drainers exploiting vulnerabilities, resulting in the loss of over 2,800 Solana (SOL) tokens worth approximately $520,000 from more than 300 users.
Initially, the exploit was attributed to the Telegram trading bot BONKbot, but this was later denied by the BONKbot team. The Solareum team clarified that the exploit was part of a widespread issue affecting multiple bot projects and dApps.
The Solareum team denied any involvement in an exit scam and stated efforts to contact authorities to freeze stolen funds if they appear on centralized exchanges.
As the project winds down, users are advised to retrieve any relevant data or assets promptly. The team reassured users that they do not steal funds but acknowledged the draining of several users’ wallets due to the exploit.
Solana’s popularity among memecoin speculators has attracted scammers, leading to an increase in fraudulent activities. Security firms have detected new Solana drainers capable of advanced attacks, reflecting ongoing challenges in the ecosystem.
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