Crypto community cries foul as newly launched token drops from $8.70 to $0.02
The highly anticipated release of Banana Gun's native token BANANA took a disastrous turn, with the token's price plummeting shortly after its launch. Within just three hours, the price fell from a peak of $8.70 to a mere $0.02.
Blame game ensues as allegations of a "rug pull" fly
Amidst the chaos, some members of the crypto community accused Banana Gun of a "rug pull," suggesting foul play. However, the official X account for Banana Gun attributed the issue to a bug in the token's contract, which the team was unable to fix in time. Interestingly, the team claimed that the bug managed to slip through the cracks despite undergoing two audits.
Pseudonymous coder exposes flaw with AI-powered chatbot
In a further blow to the Banana Gun team and its auditors, a coder known as MisterChoc claimed to have used OpenAI's chatbot ChatGPT to identify the flaw within seconds. Although Banana Gun asserted that it had passed two audits, ChatGPT's findings proved otherwise.
Remediation plan offered to affected users
In an attempt to address the fallout, Banana Gun outlined a "way forward" for users affected by the mishap. The first step involves selling the treasury wallet to drain the liquidity pool, ensuring it can be used for a new contract. The team also pledged to relaunch the token and conduct an airdrop to compensate investors affected by the price drop, while also subjecting the new contract to an audit.
AI's role in code writing and auditing remains controversial
While ChatGPT's speedy identification of the flaw in Banana Gun's contract has been applauded, experts continue to caution against relying solely on AI for code creation and auditing. Kang Li, Chief Security Officer at CertiK, warned that AI-powered assistants may inadvertently introduce more bugs than they can detect, especially for novice coders attempting to develop their own projects.
Telegram bot trading gains popularity as Banana Gun joins the scene
Banana Gun is among the newest players in the Telegram bot trading space, a sector that gained momentum following the success of Unibot. The convenience and efficiency of Telegram bot-enabled trading have attracted a growing number of degen traders, leading to record-breaking daily trading volumes on decentralized exchanges (DEX), with Dune Analytics reporting a figure of $16.7 million on August 29.
The crypto community wonders: Why are there so many crypto disasters?
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