Solareum’s Telegram Trading Bot Shuts Down in Wake of 520K Dollars Exploit

Crypto News- It’s unfortunate news indeed. The Solareum project, a Telegram-based trading bot built on Solana, has announced its permanent closure due to a combination of financial difficulties and a recent security breach. In a heartfelt message shared on their Telegram support channel, the developers expressed regret over the decision, citing insufficient funds, changing market dynamics, and the security breach as key factors.

Solareum’s Telegram Trading Bot Shuts Down in Wake of 520K Dollars Exploit

Despite their efforts to secure additional funding and enhance security measures, the team found themselves unable to guarantee the safety of their users amidst the financial constraints. The security breach, which occurred in late March, resulted in significant losses for over 300 Solana users, totaling more than $520,000 worth of SOL tokens.

BONKbot Cleared of Suspicion: Another Solana Application Implicated in Security Breach

Initially, suspicions arose regarding the involvement of the Telegram trading bot BONKbot in the exploit. However, these claims were later refuted by the BONKbot team, attributing the incident to another Solana application.

The Solareum team vehemently denied any involvement in an exit scam, emphasizing that they do not engage in fraudulent activities. They have taken steps to contact authorities in hopes of freezing the stolen funds should they appear on centralized exchanges.

As they prepare to cease all active services associated with Solareum in the coming weeks, the team urges users to retrieve any relevant data or assets promptly. Meanwhile, the Solana ecosystem has become a target for scammers, with the proliferation of memecoin speculation attracting malicious actors. Chainalysis, a blockchain security firm, has identified large online communities dedicated to Solana wallet draining activities, while Blowfish, a Web3 security firm, has detected the emergence of new, sophisticated Solana drainers capable of advanced attacks.