Telegram trading bot Solarem shuts down days after $520K exploit.

Solana-based Telegram trading bot Solarem says it is shutting down permanently due to insufficient funding and a recent security breach.

“It is with deep regret that we announce the closure of the Solarium project,” shared developer bot BONKbot co-founder king.sol on March 31, trading X on the Telegram Solarem support channel.

“Unfortunately, due to a combination of insufficient funds, market trends and the recent security breach of our systems,” they wrote.

The group added that “despite concerted efforts to secure additional funding, adapt to market changes, and strengthen security measures,” it is no longer possible to “guarantee the security of our users due to lack of funds.”

Solareum is a Telegram messenger based crypto trading bot with Ethereum Virtual Machine-Solana Virtual Machine bridge to buy and sell Solana crypto tokens based on certain pre-defined parameters.

In late March, the trading bot suffered a security breach that allowed wallet leakers to exploit the vulnerability.

Wallet leaks linked to an exploited trading bot resulted in the loss of more than 2,800 Solana SOL (SOL) worth nearly $520,000 from 300 Solana users, according to BONKbot analysis.

Telegram trading bot Boncobot was originally thought to be behind the scam. However, this was denied on March 30, when the team stated that BONKbot was safe and was “created by another Solana application exploit.”

The Solarem team said there was no exit scam and “don't steal money. But many SOLAR users have had their wallets dry, but this is part of the widespread exploitation happening to other bot projects/dapps,” before finally confirming, “There's a chance we've been exploited.”

The Solarem Group said it has contacted authorities to block the stolen funds if they reach central exchanges.

“As we disable all active services and functions related to Solareum in the coming weeks, we urge users to remove any important data or assets as soon as possible,” the team said.

RELATED: Largest Solana Sewerage Community Has Over 6,000 Members

Meanwhile, Solana has recently become a hotbed of activity in memecoin speculation, attracting scammers like moths to the flames.

One of the largest online communities dedicated to a popular Solana wallet hacking kit has more than 6,000 members, according to blockchain security firm Chinalysis.

In addition, Web3 security firm Bluefish discovered two new Solana sewers in February that could carry out advanced attacks.

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