On March 11, the native token of the Telegram bot Unibot (UNIBOT) fell by 45% following the termination of its collaboration with the team that connected the application to the Solana network.
Dear Community Members,
We are reaching out to share a significant update regarding our collaboration with the team which deployed Unibot on Solana.
After careful consideration and feedback from our partnered organizations, the Unibot core team has decided to part ways with the…
— Unibot (@TeamUnibot) March 11, 2024
“The decision was driven by security considerations, prompting us to move towards our own development and operation of Unibot on Solana using our secure server infrastructure,” the announcement stated.
According to Unibot representatives, the Solana developers “abused trust” by launching a bot named “evm_unibot” without prior permission. Members of the unnamed team also refused to undergo KYC verification to continue the collaboration.
Unibot added that soon their trading bot, linked to the Solana ecosystem, will appear on the Telegram and Unisol-X platforms.
According to CoinGecko, within four hours of the announcement, UNIBOT prices dropped from $76 to $40. The asset’s market capitalization plummeted from $76 million to $39 million with a daily trading volume of $36 million.
Back in October 2023, the Unibot trading bot was subjected to a hacking attack, resulting in damages of approximately $650,000, including 305 ETH and 39,000 USDC.