The launch of the BANANA token faced a catastrophic glitch, causing a drastic price drop shortly after its debut. Amidst accusations and chaos, the team is working on a recovery plan.
BANANA token, a much-anticipated token of Banana Gun, a Telegram bot, was launched on Sept. 11 and immediately grabbed the attention of many cryptocurrency fans. Yet, even though experts checked the system carefully twice, a small error in the smart contract slipped by, causing trouble just a few hours after it started. The bug was discovered by ChatGPT, opening up a Pandora’s box of debates and discussions.
Let’s take a closer look at the rocky start of Banana Gun, focusing on the critical problems of smart contract gaps and the help AI can offer in solving them.
The flash crash
Banana Gun is a Telegram bot designed to help users quickly buy new tokens, mainly on the Ethereum (ETH) Network. When Banana Gun launched its own token named BANANA, it caused quite a stir.
Within hours of launch, the token’s value skyrocketed to about $8.7. However, this joy was short-lived. The token’s value dropped 99% in just a few hours, almost becoming worthless.
This unexpected downturn sparked a frenzy on social media platforms, with people making all sorts of guesses and placing blame everywhere. Rumors and accusations about a possible rug pull (a scam where developers abandon a project and run away with the funds) started spreading across online forums and groups.
The Banana Gun team announced on X (Twitter) that there was a significant glitch in their smart contract system that they had missed despite conducting two audits before the launch. This error mistakenly allowed users to sell their assets but still allowed them to keep tax tokens in their wallets, putting the project’s reputation and financial stability at risk.
Many accused the Banana Gun team of scamming investors. This situation highlighted bigger issues, like the trustworthiness of audits before launches and the potential weaknesses in smart contract technologies.
In the aftermath of the BANANA token crash, an unexpected hero emerged from the digital realm: ChatGPT. A pseudonymous coder named MisterChoc utilized ChatGPT to scrutinize the Banana Gun’s contract. Within mere seconds, the AI identified the loophole that had eluded human experts during two rounds of audits.
While MisterChoc’s experiment demonstrated the prowess of AI, it also underscored a pressing concern: the reliance on AI and its implications on the industry.
In a sector where trading bots are experiencing an uptick in popularity, the pressure is mounting for Banana Gun to re-establish its foothold and move past this initial setback.
According to the team, a part of the rejuvenation strategy is the action plan to stabilize the market dynamics impacted by the smart contract bug.
Initially, they intend to sell assets from the project’s treasury wallet, a move aimed at draining the locked liquidity that would subsequently be utilized in framing a fresh contract.
The process does not end here; the team assures a forthcoming relaunch, accompanied by an airdrop, a strategy to restore the investors to their original positions, essentially making them “whole.”
Simultaneously, the project aims to ensure a rigorous audit process for the new contract, avoiding any hasty launches until every aspect is meticulously verified and secured.
This approach is also reflected in their detailed analysis of all traders’ profit and loss statements. This effort hints at their commitment to restoring lost assets and rekindling the trust that seems to have taken a hit in this whirlpool of unexpected events.
Towards a stronger future
The Banana Gun incident could serve as a catalyst, urging industry stakeholders to reflect upon and reconsider the mechanisms in place for auditing and verifying the security of new projects. This could provoke thoughts on making cryptocurrency safer by combining human knowledge and technology for a stronger future.