Key takeaways:
- Solareum, a Solana-based Telegram trading bot, announced it is permanently closing due to inadequate funding and a recent security issue.
- A security flaw in the trading bot occurred at the end of March, which allowed wallet drainers to take advantage of the weakness.
Solareum, a Solana-based Telegram trading bot, announced it is permanently closing due to inadequate funding and a recent security issue.
The developers of Solareum announced its termination on March 31 on the Telegram Solareum support channel and on X by trading bot BONKbot co-founder king.sol. They expressed their deep sadness over this decision. They wrote:
“Unfortunately, due to a combination of insufficient funds, evolving market trends, and a recent security breach to our systems,”
The team also stated that because of a lack of funds, they can no longer guarantee user safety, even with their best attempts to seek more funding, adjust to market developments, and strengthen security measures.
Solareum is a Telegram messenger-based cryptocurrency trading bot with an Ethereum Virtual Machine-Solana Virtual Machine bridge configured to purchase and sell Solana crypto tokens based on predetermined parameters.
A security flaw in the trading bot occurred at the end of March, which allowed wallet drainers to take advantage of the weakness.
Wallet drainers associated with the compromised trading bot caused over 2,800 SOL, valued at around $520,000, to be lost from over 300 Solana users, as per a BONKbot analysis.
The exploit was previously believed to be the work of the Telegram trading bot BONKbot. On March 30, the team refuted this, saying BONKbot is secure before stating:
“There has been an exploit with another Solana app.”
The Solareum crew declared that they “DO NOT steal money” and that there has never been an exit scam. It then acknowledged that they may have been exploited when several SOLAR users’ wallets were wiped. But it said this is part of a widespread exploit happening to other bot projects/dapps as well.
If the stolen funds ever make it to centralized exchanges, the Solareum team claims to have contacted law enforcement to try and get them frozen. The team added as follows:
“As we wind down all active services and functionalities associated with Solareum in the coming weeks, we urge users to retrieve any relevant data or assets promptly,”
Fraudsters have drawn Solana like moths to a flame due to the current surge in activity among memecoin investors.
According to blockchain security company Chainalysis, more than 6,000 people are involved in one of the biggest online groups dedicated to a single well-liked Solana wallet draining kit.
Furthermore, in February, Web3 security company Blowfish discovered two new Solana drainers capable of sophisticated attacks.
