Unibot confirms exploit and promises compensation as token price plunges

by Ryan Weeks

Security • October 31, 2023, 2:54AM EDT

Published 1 minute earlier on

The Block

Quick Take

The Telegram-trading bot confirmed the exploit shortly after security analysts sounded the alarm earlier today.

Unibot, a Telegram-based trading tool, said today that it had been hit by a “token approval exploit.”

Security analysts at PeckShield first sounded the alarm early on October 31 in a post on X, claiming roughly $580,000 worth of crypto had been affected. Unibot confirmed the exploit shortly after.

“We experienced a token approval exploit from our new router and have paused our router to contain the issue,” the company said in a separate post on X.

“Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe. We will release a detailed response after investigations conclude.”

News of the exploit triggered a sharp decline in the price of Unibot’s token, which was down 33% to $38.50 at the time of writing, according to CoinGecko data.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.