Solareum Mystery: Trading Bot Goes Dark After $520K Vanishes

Solareum, a popular Solana-based crypto trading bot accessible through Telegram, has announced its permanent closure. The developers cited a combination of factors, including a recent security breach, lack of funding, and evolving market trends.

The official announcement came on March 31st via Solareum’s Telegram support channel and was shared by ‘king.sol,’ co-founder of the BONKbot trading bot, on the X social media platform.

“It is with deep regret that we announce the closure of the Solareum project,” the developers stated. They explained that despite their efforts to secure additional funding, adapt to market conditions, and bolster security, “the lack of funds prevents us from guaranteeing user safety.”

Solareum functioned as a Telegram-integrated bot programmed to automatically buy and sell Solana tokens based on user-defined parameters. However, in late March, the platform suffered a security breach that allowed attackers to exploit vulnerabilities and drain user wallets.

According to analysis by BONKbot, the exploit resulted in the loss of over 2,800 SOL (around $520,000) from more than 300 Solana users. Initially, suspicion fell on BONKbot, but the team promptly denied any involvement and clarified that “there has been an exploit with another Solana app.”

The Solareum team emphasized that they did not engage in any “exit scam” and denied stealing user funds. They acknowledged that many users lost money but attributed it to a broader attack impacting other bots and decentralized applications (dApps). While initially hesitant, they ultimately conceded the possibility of being exploited themselves.

Solareum claims to have contacted authorities in hopes of freezing stolen funds if they ever reach centralized exchanges. They are currently winding down all services and functionalities, urging users to promptly retrieve any relevant data or assets.

The recent Solareum exploit highlights the growing security challenges within the Solana ecosystem. Increased memecoin speculation on Solana has attracted malicious actors, with Chainalysis reporting a large online community (over 6,000 members) dedicated to just one popular Solana wallet drainer kit. Additionally, Web3 security firm Blowfish identified two new, sophisticated Solana drainers detected in February.

Read Also: Moongate Raises $2.7M Seed Round to Develop a Modular Web3 Engagement Layer for Real-World Activations

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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