Telegram bot are one of the most promising innovation in the crypto industry.
There mastery of these tools has helped a lot of people to make money in the market with refined entry, token scanning ability and sniping trades early.
But it hasn't been all rosy in the previous week as hackers started attacking these tools. Just couple of days ago maestro trading bot was hacked and funds were wiped through the hack. Though maestro was quick to patch this and refund users the fund that were stolen.
Today, it became the turn of unibot, the second largest trading bot and $600k was stolen in meme tokens and converted into ether by the hacker.
The unibot team blamed a new router that was deployed on Oct. 29 and has asked users to revoke previous access granted to the bot and move their funds to another wallet to ensure safety.
But the question is, is the unibot team entirely to blame for the funds that were stolen.
Well, yes they are to blame, but a lot of people have began relying totally on these bots and forget that profits and huge chunk of liquidity should not be left lying in a wallet you have given the private key to a bot/server.
This is not very wise as a trader, decentralized finance puts the power of financial decisions in your hands and also your security is right there in your hands.
As you make every decision in the financial market that relates to your wallet, you have to keep your security in check.
When you have the keys, you have the crypto, and giving these keys to a bot, or signing a smartcontracts especially without reading and understanding the risks involved. The unibot team is at fault for not properly testing and auditing the router before deploying it to mainnet.
But regardless this is just another Tuesday in crypto.
Hope you learnt something today, I am ticktalker and I always post crypto/educative contents.
Please whatever is written in the article above is my for educative purposes only. I am not a financial advisor
Be sure to follow me and turn on the notification, to see more of my articles.
