Solana-based Telegram cryptocurrency trading bot Solareum announced its permanent closure in an official announcement on March 31. The team listed the reasons behind the closure as “insufficient funds, evolving market trends, and a recent security breach in the system.” In late March, Solareum suffered an attack that allowed wallet drainers to exploit a vulnerability in the platform. As a result of the attack, more than 300 Solana users lost more than 2,800 SOLs worth approximately $520,000.
Decision to close the cryptocurrency platform
Solana-based Telegram trading bot Solareum says it is shutting down permanently after insufficient funding and a recent security breach. In a statement shared on X on March 31 by developers on the Telegram Solareum support channel and trading bot BONKbot co-founder ‘king.sol’, he said:
It is with deep regret that we announce the closure of the Solareum project. Unfortunately, the reason is; insufficient funds, evolving market trends and the recent security breach of our systems.
The team added that despite “efforts to secure additional funding, adapt to market changes, and strengthen our security measures,” it can no longer “ensure the security of our users due to lack of funds.” Solareum is a Telegram-based crypto trading bot with an EVM-SVM bridge programmed to buy and sell Solana crypto tokens based on certain pre-agreed parameters.
Solareum was hacked
cryptokoin.com As we reported in late March, the trading bot suffered a security breach that allowed wallet drainers to exploit the vulnerability. According to BONKbot analysis, wallet hackers connected to the exploited trading bot caused the loss of more than 2,800 SOLs worth approximately $520,000 from more than 300 Solana users. Telegram trading bot BONKbot was initially thought to be behind the exploit.
However, this was denied on March 30, and after the team stated that BONKbot was safe, they said, “There was an exploit in another Solana application.” The Solareum team stated that there were no exit scams and they did not steal money, but many SOLAR users had their wallets emptied. Stating that this is part of a common abuse occurring in other bots and dapps, the team lastly said, “There may be a possibility of us being exploited.”
There is a big team behind the hack
The Solareum team stated that they contacted the authorities to ensure that the stolen funds are frozen if they reach the central exchanges. “While we will terminate all active services and functions associated with Solareum in the coming weeks, we urge users to immediately retrieve any relevant data or assets,” the team said.
Meanwhile, Solana has recently become a hotbed of activity for memecoin speculators. This drew the scammers into the fire. One of the largest online communities dedicated to hacking just one popular Solana wallet has more than 6,000 members, according to blockchain security firm Chainalysis. In addition, Web3 security firm Blowfish detected two new Solana “drainers” capable of performing advanced attacks in February.
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