Telegram trading bot on Solana network stopped working after $520,000 hack

The team of developers of the Solareum trading bot on the Solana network announced the termination of work on the project. This decision was prompted by an exploit that resulted in $520,000 in damages.

Some users expressed suspicions about possible dishonesty of the project team, suspecting them of rug pull.
Rug pull is a common scam where developers withdraw funds from a project and disappear with them. In English, the phrase rug pull means “to pull the rug out from under your feet” and means to suddenly deprive someone of support. In the cryptocurrency sphere, this action is understood as emptying the liquidity pool on the exchange. Token owners are left with illiquid assets.
The team developing the Solareum trading bot for Telegram has announced the end of support for this application. This decision was attributed to a lack of funding, changing market trends and a recent exploit.
“It is with great regret that we announce the closure of the Solareum project. We have been working for months to raise funding, adapt to changes in the market and strengthen security measures. Despite this, a recent hack has compromised the integrity of the system and we can no longer guarantee security due to lack of funds,” project representatives said.
According to the report, the development team is also actively collaborating with a number of organizations to freeze stolen funds if they are transferred to centralized exchanges (CEX). They also reported that Solareum applications, as well as related services, will become unavailable in the near future. In this regard, the developers called on all users to withdraw their assets.

As a reminder, at the end of March 2024, a vulnerability in the Telegram bot Solareum led to the loss of more than 2,800 SOL, which at that time amounted to about $523,000.

Initially, it was believed that the exploit was related to the operation of the BONKbot trading bot, the vulnerability of which led to the leakage of users' private keys. However, this claim was later refuted.

As a result, some community members accused the Solareum team of carrying out a rug pull. Representatives of the project reacted negatively to these accusations, saying that they had nothing to do with fraud and were themselves victims of this situation.
According to a statement on Platform X (formerly Twitter), the exploit affected approximately 300 Solana users as part of the Solareum project. However, the project team did not report providing any compensation to the victims of this hack.

In early March 2024, LENA Network users brought charges of rug pull worth $2.8 million against the project team. This led to a sharp drop in the price of the CANDY token by 89%.

A similar incident occurred with the RiskOnBlast project, where the developers carried out a rug pull in the Blast ecosystem, which led to damage in the amount of $1.3 million.

Just yesterday we talked about how investments in the URF meme coin worth about $450,000 disappeared, as did the project team after the presale of the coin. The developers are also suspected of rug pull.
We remind you to be careful in your actions and use all necessary methods to preserve your crypto funds. And check your crypto wallet for purity, perform AML address verification, track a transaction - you can do this and more in our Btrace solution. Free AML wallet verification for every new user. And if you do become a victim of a rag pool or another type of fraud, then contact our specialists for a blockchain investigation and the return of stolen funds.
Check blockchain address using Btrace
In seconds, determine the risk level of the counterparty’s address, find out the source of his funds and make an informed decision about interacting with him.




We also recommend