Banana Gun, a popular Telegram-based crypto trading bot, has announced it will refund users who collectively lost $3 million in a recent hack that affected seasoned traders.
On Sept. 19, some users began reporting unauthorized outbound transfers from their crypto wallets, leading the platform to temporarily halt its Ethereum Virtual Machine (EVM) and Solana bots to prevent further damage.
Details of the Hack and Response
Initially, the hack appeared to affect 36 users, with losses estimated at $2 million in Ether (ETH). However, a post-mortem report by Banana Gun revealed that only 11 users were impacted, but the total loss was significantly higher—around $3 million.
In its official statement, Banana Gun emphasized its commitment to reimbursing the affected users. "A total of 11 users were affected, with $3M drained. All impacted users will be fully refunded from the Banana Gun treasury, with no tokens being sold for reimbursements," the bot firm stated.
The attack exploited a vulnerability in a Telegram message oracle, which allowed the hacker to manually initiate unauthorized transfers from users’ wallets while the trading bots were active. Crypto trading bots like Banana Gun are widely used by traders to automate transactions and optimize profitability, making this breach particularly concerning for the crypto community.
Security Measures Implemented
In response to the hack, Banana Gun quickly moved to patch the vulnerability and implemented several new security measures. These include a two-hour delay on transfers, two-factor authentication (2FA) for transactions, and a thorough system review to prevent future incidents. Following these updates, the platform has restarted its EVM and Solana bots.
This incident is the latest in a string of hacks targeting cryptocurrency platforms, but Banana Gun’s proactive response, including the full refund promise, has helped maintain user trust. In a related case, Shezmu, a leveraging yield protocol, recently negotiated with a hacker who had stolen $5 million, resulting in the return of a large portion of the stolen funds.
While hacks remain a significant risk in the cryptocurrency space, Banana Gun’s swift action highlights the growing emphasis on security and user protection among blockchain and crypto firms.
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