The hack compounded an already existing slowdown of activity on the platform
Solana-based Telegram trading bot Solareum announced that it’s permanently suspending service after a recent security breach and citing insufficient funds.
“It is with a profound sense of regret that we announce the closure of the Solareum project,” declared developers on the support channel for Telegram Solareum. The statement was also shared by trading bot BONKbot co-founder king.sol in a March 31 X post.
Dear Solareum Community,
It is with a profound sense of regret that we announce the closure of the Solareum project. Unfortunately, due to a combination of insufficient funds, evolving market trends, and a recent security breach to our systems, we find ourselves compelled to…
— king.sol (@DeFiAzog) March 30, 2024
“Unfortunately, due to a combination of insufficient funds, evolving market trends, and a recent security breach to our systems,” they added.
Despite “concerted efforts to secure additional funding, adapt to market changes and fortify” its security measures, the team believes it will be unable to “assure the safety” of its users due to the lack of funds.
The Solareum Telegram messenger-based crypto trading bot has an Ethereum Virtual Machine-Solana Virtual Machine bridge that is automated to buy and sell Solana tokens based on specific pre-determined guidelines.
The trading bot was breached in late March, enabling the hackers to take advantage of its susceptibility. According to a BONKbot analysis, hackers drained more than 2,800 Solana SOL valued at about $520,000 from over 300 users.
BONKbot’s Telegram trading bot was first believed to be responsible for the exploit, which they renounced on March 30, with the team saying BONKbot is safe. “There has been an exploit with another Solana app,” they added.
Solareum says it has contacted authorities as it attempts to retrieve the stolen funds and freeze them before reaching centralized exchanges. “As we wind down all active services and functionalities associated with Solareum in the coming weeks, we urge users to retrieve any relevant data or assets promptly,” said the team.
