Telegram Bot Recently, due to the initial success of Unibot, the number and usage of related bots have also increased significantly. Among them, there are some outstanding tokens, some of which have soared by more than 10,000% in two months. However, robots that achieve the advantage of convenience may sacrifice security concerns such as leakage of private keys.
(Detailed explanation of Telegram BOT: Binance Research | Overview of Telegram BOT (Telegram bot) common functions, applications and risks)
What is Telegram Bot?
Telegram Bot is a combined application of crypto market and communication software. Users can enter instructions through the channel, connect personal crypto wallets to complete transactions, and can also follow orders or automatically perform airdrop tasks. The intuitive interface and diverse functions have attracted the attention of a large number of cryptocurrency traders in the past three months.
In addition, some Telegram Bots also issue their own project tokens, such as Unibot and LootBot, for purposes such as providing liquidity mining income or using additional functions. Thanks to the craze, the prices of some tokens have risen to incredible heights.
Some tokens soar
Such as MEVFree and WagieBot. According to the official description of MEVFree, the former is committed to building a complete ecosystem that can protect users and maximize their profits from cryptocurrency transactions. The latter is like a normal Bot, providing functions such as trading, following orders, and currency listing sniping.
But the same thing is that both have attracted a lot of money in the recent trend. MEVFree has gained 11,200% in the past three months.
WagieBot, on the other hand, rode on the heat of July, rising nearly 2,400% in two weeks, and has fallen back 85% since reaching its peak, which can be said to be extremely risky.
Telegram Bot security concerns
Given that the communication software used by tens of millions of people every day has transformed into a popular cryptocurrency trading platform, the related risks and concerns have also received special attention and scrutiny from the outside world. CoinGecko data shows that the overall market value of Telegram Bot has reached US$240 million.
Blockchain security company Certik warned that many Telegram Bots can create encrypted wallets for users online, but it is still unknown who owns the private keys.
It is not yet known whether the project personnel or Telegram employees have permission to view or use user wallets, nor can they confirm whether they can perform backups through Telegram's database. However, in any case, the above undisclosed content is a real concern.
On-chain security team Beosin also issued a warning that Telegram’s partial centralization will pose risks to users’ private keys.
Many bots do not have open source code or are audited, so they pose security risks, and users may lose control of their funds if their accounts are compromised.
In this regard, Beosin recommends that teams open source their code to facilitate auditing and ensure that user assets are safe.
This article Telegram Bot token soared 100 times in two months, on-chain security company CertiK: Unknown risks are high, first appeared on Chain News ABMedia.