Solana-powered Telegram trading bot shuts down
Solaeum, a Telegram trading bot built on the Solana blockchain, has announced its permanent closure due to insufficient funding, evolving market trends, and a recent security breach. This information was announced through the Telegram Solarium support channel and shared on . X (formerly Twitter) BONKbot co-founder king.sol posted on March 31.
Dear Solarium community,
It is with great sadness that we announce the end of the Solarium project. Unfortunately, due to lack of funding, changing market trends, and recent system security breaches, we…
— king.sol (@DeFiAzog) March 30, 2024
Security breaches result in serious losses
In late March, Solareum suffered a security breach that allowed wallet leakers to exploit a vulnerability in its trading bots. This resulted in the loss of over 2,800 SOL tokens worth approximately $520,000 from over 300 Solana users. The incident Analyzed BONKbot, another Telegram trading bot, was initially suspected but was later confirmed to be safe.
There are no exit scams, but closures have been confirmed.
Solarium explained that there was no departure fraud, saying, “We do not steal money.” However, they acknowledged that many SOLAR users had their wallets depleted as part of a broader attack affecting Solana’s other bot projects and decentralized applications (dApps). The team is attempting to contact authorities to freeze the stolen funds if they are transferred to a central exchange.
There is a possibility that we may be exploited.
— Solarium (@SolariumProject) March 29, 2024
source: solarium
Urge users to recover assets
As Solareum’s services and features are shutting down, the team is urging users to immediately retrieve any related data or assets. Solareum’s closure highlights the ongoing security issues facing projects in the cryptocurrency space, particularly the Solana blockchain, which has seen a recent surge in memecoin speculation and related scams.
Solana security issues
Solana has become a hub for memecoin speculators, attracting scammers and creating a large online community dedicated to wallet draining kits. Chainalytic reports that one such community has over 6,000 members. Additionally, Web3 security company Blowfish discovered two new advanced Solana drainers in February, further highlighting the need for increased security measures in the blockchain ecosystem.