The Solana trading bot shuts down after users’ wallets are empty

A Solana trading bot called Solareum has permanently stopped working after a hack. The reasons were a lack of liquidity and the hack of the Telegram bot. According to the company, these were the nails in the coffin.

Several Solana tokens were removed from wallets after the Solareum hack

About 300 users fell victim to this exploits the bot’s action Around 2,800 Solana tokens worth $523,000 were removed from the wallets.

Initially, the Telegram trading bot BONKbot was suspected of the action, but it later turned out that this was not the case, according to BONKbot itself. a statement about X. The Solareum team also stated that it was certainly not an “exit” scam before shutting down the service. There have been several victims, including BONKbot, with approximately 113 cases reported.

Upcoming Solana trading bots on Telegram

The team stated that despite several attempts to raise additional capital to adapt to current market conditions, they were unable to ensure user safety. The team has therefore decided to discontinue the service.

Several Telegram bots have been active on the Ethereum blockchain for months, but not as many on the Solana chain. The Memecoin hype in particular has ensured that more and more investors are taking advantage of the new opportunities on Telegram.

Solareum is a Telegram trading bot with an Ethereum-Solana bridge, programmed to buy and sell Solana tokens based on preset parameters.

How reliable are Telegram trading bots?

The Solareum team has stated that it has alerted authorities and is monitoring crypto exchanges. If the tokens appear anywhere, they would immediately contact authorities to freeze the assets, the team said.

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BONKbot is one of the largest trading bots in the Solana chain, with around 270,000 users (own information) they were the first to be suspected of this action. After further investigation, it turned out that only BONKbot users who had also imported their wallets into Solareum fell victim to the scheme.

Some of the victims, including X user “SoLorden,” reported a loss of 44 SOL, or $8,700. He had the wallets generated by BONKbot and imported them into Solareum, whereupon the private keys of which were visible to the exploiters.

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