Hackers Exploit Unibot Contract, Stealing $560k in Memecoins

Unibot Users Fall Victim to Exploit

Unibot, a popular Telegram bot used for trading on decentralized exchange Uniswap, fell victim to a hack on Oct. 29, resulting in the theft of approximately $560,000 worth of memecoins from users. The exploit went undetected until blockchain security firm Scopescan alerted Unibot users on Oct. 31.

Unibot Confirms Hack and Takes Action

Unibot later confirmed the hack and revealed that it was due to a token approval exploit on their new router. In response, Unibot paused the router to contain the issue. The company also urged users to revoke approvals for the exploited contract and transfer their funds to a new wallet.

Hacker Converts Stolen Memecoins to Ether

According to blockchain data from Scopescan, the hacker is in the process of converting the stolen memecoins into Ether (ETH). The market reacted negatively to the news, with the price of the UNIBOT token dropping by 42.7% in just one hour. However, the token price is currently attempting to recover.

Compensation Promised by Unibot

Unibot has committed to compensating all users who lost funds as a result of the contract exploit. Weekly transaction data shows that popular cryptocurrencies such as Joe (JOE), UNIBOT, and BeerusCat (BCAT) were among the stolen assets.

Similar Exploit Hits Maestrobots

Another contract exploit recently drained 280 ETH from users of Maestrobots, a group of cryptocurrency bots on Telegram. Maestrobots promptly compensated affected users with 610 ETH from its own revenue, citing a lack of liquidity to repurchase the lost tokens.

CertiK, a blockchain security firm, confirmed that it detected the 334 ETH compensation paid out to Maestrobots users.