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Today we made the following for you:
- Solareum calls it quits;
- Hacker made away with $523K;
- Blame was on BONKbot;
- But they denied the accusations, said their security is military-grade.
Solareum Team Calls it a Day
Another week, another hack on DeFi. This time it happened on Solareum, affected over 300 users, and drained $523,000. It’s one of the latest exploits on a Solana-based trading platform, and it was so bad that Solareum has decided to call it quits.
Solana hodlers had just been chilling, filling their bags, swimming through the bull run. Then someone started draining their bags through a string of attacks. But these attacks weren’t happening anywhere else. They were happening right there on Solareum, which is a telegram trading bot for Solana-based tokens.
BONKbot Almost Took the Blame from Disgruntled Solareum Users
There is always a first suspect for hacks like this, in a somewhat confusing turn of events, everyone was pointing their fingers at BONKbot, one of the popular platforms from the BONK meme coin team that allows users to trade Solana tokens through Telegram.
The team from BONKbot was like, dude we were busy, doing our thing, playing our part in the DeFi ecosystem. Then blame us for something we didn’t do. They posted a tweet on X denying the allegations and shared a spreadsheet showing only 0.1% of BONKbot users were affected by the string of attacks.
According to the post, the 0.1% affected users were the ones who had exported their private keys to a third-party application.
The post did not sit well with many X users who bashed BONKbot for not providing specific details about the application that was causing the exploit.
Compensation Plans, Any?
However, majority of the users still believe Solareum was to blame, and not BONKbot. On 29th March, Solareum tweeted there was a chance they had been hacked. When a particular user inquired about compensation for affected users,the platform said they would publicly announce plans for compensation once they confirm it was an actual exploit.
Unfortunately, Solareum announced a day later their decision to shut down the project due to the exploit, insufficient funds to continue operations, and rapidly evolving market trends. The announcement said that the exploit compromised the project’s integrity, and that would make it impossible to guarantee users the safety of their bags.
More Info:
- How Did ‘Star Wars’ Stormtrooper Land into Solana NFT Game MixMob?
- OnlyBUYZ Meme Auctions: The Gateway to Memecoins on Solana
- Dog Days of Crypto: Solana Memecoin Turns $226K into $1.69M in 5 Days
Meanwhile, the team said they were in the process of liaising with authorities to assist with freezing the stolen funds. However, this would only be possible if the exploiter sends them to a centralized exchange. At press time, the project’s Telegram channel has everyone demanding answers about the team’s compensation plan, which the platform has not clarified until now.
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