Telegram crypto bot Banana Gun has confirmed a $3M loss and says it will refund users.
Hacking attack targeting experienced traders at Moose Gun has confirmed a loss of $3 million. All affected users will get a full refund without selling any tokens. The company has implemented enhanced security measures to prevent future attacks.
Telegram-based cryptocurrency trading bot Banana Gun has confirmed a loss of $3 million due to a hacking incident that targeted its experienced user base.
The attack, which exploited a vulnerability in its trading system, prompted Moose Gun to take immediate action to protect its users and restore trust. The company has announced that all affected users will receive a full refund, demonstrating its commitment to customer support and security.
Banana gun hack details
On September 19, Banana Gun users reported unauthorized transactions withdrawing funds from their crypto wallets. Initially, the investigation indicated that around 36 users were affected, resulting in a loss of approximately $2 million in Ether (ETH).
However, further analysis showed that the total loss was much higher, and in the end only 11 users were affected and a total of 3 million dollars was spent.
This diversity highlights the complexity of the phenomenon and the challenges of assessing the full scope of the attack.
In response to these alarming reports, Banana Gun quickly disabled the Ethereum Virtual Machine (EVM) and Solana trading bots to prevent further unauthorized transactions. The company emphasizes that trading bots are designed to facilitate automated trading, often used by crypto traders to increase their profitability.
Unlike hackers who target inexperienced investors, the attackers specifically targeted experienced traders, allowing them to manually transfer ETH while the trading bots were active.
The hack exploited a vulnerability in Telegram's messaging oracle, raising concerns about the security of such platforms. This event serves as a reminder of the importance of strong security measures in the fast-growing world of cryptocurrency trading.
Following the discovery of the vulnerability, Moose Gun has taken a series of steps to strengthen its security protocols.
Banana Gun promises to refund users.
Banana Gun announced in a public statement that all affected users will receive a full refund from the company's treasury.
The organization has made it clear that no tokens will be sold to support these payments, demonstrating its strong commitment to restoring user trust.
This move reflects the company's financial impact of the incident on consumers and its desire to maintain a loyal customer base in a highly competitive market.
Refund announcements are especially important given the increasing regulation and control over the cryptocurrency sector. By proactively resolving the situation and compensating the affected users, Banana Gun aims to distinguish itself as a responsible player in the market.
Improved security measures
After the hack, Moose Gun rolled out a number of improved security measures to prevent similar incidents in the future. These include a two-hour transfer delay for transactions, mandatory two-factor authentication (2FA) for transfers and a comprehensive review of their systems.
By implementing these protocols, Moose Gun aims to strengthen its defenses and protect users from future threats.
The response to the hack reflects a broader trend in the cryptocurrency space, where security is being prioritized to protect users and enhance credibility.
As hackers continue to target vulnerabilities in the crypto ecosystem, companies like Banana Gun recognize the need for vigilance and proactive measures to protect their users' investments.
