Unibot contract $560K exploit crashes token price by more than 40%

cointelegraph.com:

A new contract deployed on Oct. 29 by Unibot, a popular Telegram bot used to snipe trades on the decentralized exchange Uniswap, was reportedly exploited for roughly $560,000 in various memecoins from users.

On Oct. 31, blockchain security firm Scopescan alerted Unibot users about an ongoing hack on Unibot that went undetected. An exploit on a newly deployed contract by Unibot drained the crypto holdings of several users.

.@TeamUnibot seems exploited, the exploiter transfers memecooins from #unibot users and is exchanging them for the $ETH right now.

The current exploit size is ~$560K

Exploiter address:https://t.co/ysyTmgUAit pic.twitter.com/MF85Fdk892

Unibot later confirmed the hack by revealing initial details:

Amid ongoing investigations from Unibot and blockchain investigators, Scopescan advised users to revoke the approvals for the exploited contract (0x126c9FbaB3A2FCA24eDfd17322E71a5e36E91865) and move the funds to a new wallet.

The hacker is in the process of converting the stolen memecoins into Ether (ETH), blockchain data from Scopescan shows.

As seen above, the market reacted negatively to the development as the UNIBOT token witnessed an immediate 42.7% drop in its price in one hour — from $57.56 to $32.94. However, the token’s price is making a recovery attempt at the time of writing.

We experienced a token approval exploit from our new router and have paused our router to contain the issue.

Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe.

We will release a detailed response after investigations conclude.

Unibot committed to compensating all users who lost funds due to the contract exploit. Weekly transaction data shows that cryptocurrencies such as Joe (JOE), UNIBOT and