Banana Gun is the target of an attack and users lose US$ 1.4 million in ETH

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Banana Gun is the target of an attack and users lose US$ 1.4 million in ETH
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Banana Gun, a popular Telegram-based trading bot, has had its wallets compromised, according to multiple community reports. The security incident resulted in the loss of several users’ funds, with an estimated total of over $1.4 million worth of Ethereum (ETH).

According to a message pinned on Banana Gun’s official Telegram channel, the team responsible for the bot is investigating the case. And, at the moment, the service has been temporarily disabled.

“We are investigating the issue, the bot is currently offline,” the team said.

Based on information from yannickcrypto.eth, a community member on X (formerly known as Twitter), the team has identified 36 victims so far, with a total of 563 ETH stolen on the mainnet. However, he pondered that the attack may not have been directly on the Banana Gun bot. This is because the number of victims is still relatively low compared to the platform’s user base.

History of problems with Banana Gun

Banana Gun allows its users to conduct on-chain transactions and participate in new token launches through a bot integrated with Telegram. According to Dune Analytics’ analytics dashboard, the platform is among the top trading bots in the market, having facilitated a transaction volume of $6 billion, with almost 272,000 active users.

This isn’t the first issue Banana Gun has faced. After all, in September last year, the project suffered from the botched launch of its revenue token, Banana Token, due to a bug in the smart contract. This caused difficulties for users hoping to participate in the asset’s distribution.

The Banana Gun team has yet to provide specific details on how the wallets were compromised, nor what method was used in the attack. The case raises additional concerns about the security of trading bots based on messaging platforms like Telegram, which have been gaining popularity in the cryptocurrency space.

The incident also reignites the debate over the security of digital wallets and the protection of users’ assets. This is because the use of bots to facilitate transactions is becoming a common practice among cryptocurrency traders.

Despite the attack, the price of the project’s native token, BANANA, has risen 4.0% in the past 24 hours, according to data from CoinGecko. At the time of writing, the cryptocurrency is trading at $40.69.

Banana Gun is the target of an attack and users lose US$ 1.4 million in ETH

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Banana Gun is the target of an attack and users lose US$ 1.4 million in ETH

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Banana Gun is the target of an attack and users lose US$ 1.4 million in ETH

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