Banana Gun fell victim to a massive hack attack last week. The cryptocurrency project confirmed that it would refund 11 users affected by a $3 million exploit. Following this announcement, the token price surged. The team revealed that it had identified a potential vulnerability in the Telegram message oracle used by Banana Gun. It also said that this likely led to the exploit.
Cryptocurrency project announces compensation, token soars!
As you have been following on Kriptokoin.com, Banana Gun suffered losses last week in a hack attack. The project team promised to reimburse 11 users affected by a $3 million wallet exploit. The team said, “All affected users will be fully refunded from the Banana Gun treasury. Also, no tokens will be sold for the refunds.”
After this development, the token price started to rise. BANANA price rose from $ 36 to $ 41.82 during the day. Although the cryptocurrency then lost altitude, it continues to trade close to the levels it rose. At the time of writing, BANANA is changing hands at around $40, up about 10% on a daily basis. Meanwhile, the token’s trading volume has seen a remarkable 58% increase. This reflects the interest of investors and traders in the token.
The background to the hack!
Banana Gun operates one of the industry’s leading Telegram-based trading bots. The bot, which allows users to trade on-chain and track upcoming token launches, has generated over $6.3 billion in trading volume from nearly 279,000 users.
Members of the cryptocurrency community first drew attention to the attack last Thursday. Additionally, Banana Gun confirmed that some users witnessed “unauthorized transfers” from their wallets. The incident led the team to shut down the Ethereum Virtual Machine and the Solana bot. However, it claimed that its backend systems were not compromised. “Only a very small number of users were affected. Also, the transfers appear to have been performed manually. This leads us to think that the problem could be caused by a front-end vulnerability.”
That number turned out to be 11 users, and the attack appeared to target “smart money” traders and crypto veterans who are “not easy to defraud”. The targets were known in the space because of their social presence or trading expertise, Banana Gun added on Tuesday.
Cryptocurrency project negotiates with hacker!
The hacker who stole $5 million from the yield protocol Shezmu on September 21 accepted a white hat reward. He later returned most of the stolen funds. Shezmu detected the exploitation of one of the ShezmuUSD (ShezUSD) stablecoin vaults. Furthermore, the hacker demanded that 90% of the stolen funds be returned within 24 hours. Within a few hours, Shezmu started receiving the stolen Dai (DAI) tokens into his wallet. The hacker initially returned 282.18 Ethereum (ETH) to the protocol. It also followed this with another refund of 137 Wrapped Ether (WETH).
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
