• Banana Gun trading bot suffered a security breach, leading to the theft of 563 ETH and compromising 36 users’ wallets.
• While the cause is under investigation, the incident raises concerns about the security of crypto trading bots like Banana Gun.

The Telegram trading bot Banana Gun has suffered a massive security breach, resulting in the theft of around 563 ETH, or roughly $1.4 million. A total of 36 people had their wallets compromised as a result of this incident.

Interestingly, while the hack appeared to target Ethereum wallets associated with the bot, there is concern that the bot itself may not have been actually compromised.

This idea is based on the very modest number of victims compared to the platform’s vast user base of approximately 272,000. Despite this, the incident has sparked widespread concern among the cryptocurrency community, raising concerns about the security of automated trading systems.

Banana Gun Team Swiftly Responds with Investigation and User Advisory 

In reaction to the breach, the Banana Gun team acted quickly, pulling the bot offline and conducting an internal investigation to discover the root problem. They immediately promptly released advice to their users, instructing them to secure their assets and suspend transactions until the matter was fully resolved.

While the inquiry is still ongoing, no formal statement has been issued about the exact reason for the security breach. This ambiguity has fostered growing concerns about the overall safety and security of automated trading bots, particularly in the unpredictable and frequently risky world of cryptocurrency.

Banana Gun has encountered numerous challenges, including the recent incident. Last year, technical concerns slowed the bot’s token launch. However, the severity of the current attack has heightened calls among the crypto community for tighter security measures.

Many users and experts are pushing platforms to strengthen their defenses against increasingly sophisticated cyberattacks, particularly those targeting vulnerable access points such as trading bots.

Looking back, as we previously highlighted, another Telegram trading bot, Unibot, has seen an increase in both users and revenue. This favorable momentum followed Unibot’s successful integration with the Solana blockchain in January.