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SirWin
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SirWin

UNIBOT collapses by 45% on termination of Solana cooperation

unibot-collapse-solana-termination
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UNIBOT collapses by 45% on termination of Solana cooperation

The native token of the Telegram bot Unibot fell by 45% due to the termination of cooperation with the team that connected the application to the Solana network.

According to CoinMarketCap, UNIBOT’s quotes dropped from $76 to $40 within four hours of the announcement. The asset’s capitalization collapsed from $76 million to $39 million, with a daily trading volume of $36 million.

UNIBOT collapses by 45% on termination of Solana cooperation - 1
Source: CoinMarketCap

The project’s creators also asked publicly to pay the royalties promised to the owners of Unibot tokens. In addition, the team emphasized that independent development of the Unibot product on Solana will begin using a secure server infrastructure.

“After careful consideration and feedback from our partnered organizations, the Unibot core team has decided to part ways with the team that deployed Unibot on Solana.”

Unibot team

Unibot said the Solana team “abused the trust” when Solana launched a bot called “evm_unibot” without prior permission. Members of the unnamed team also refused to undergo KYC verification to continue cooperation.

Unibot added that its trading bot, connected to the Solana ecosystem, will soon appear on the Telegram and Unisol-X platforms.

Trading bots in the Telegram messenger quickly gained popularity among cryptocurrency traders who prefer trading assets on decentralized exchanges (DEX). Unibot, launched in May 2023, was considered the leader in terms of the number of users and trading turnover.

However, in October 2023, the trading bot was hacked. The damage amounted to about $650,000, including 305 Ethereum (ETH) and 39,000 USDC. The project team encountered a token assertion vulnerability in the new router. To solve the problem, the developers have temporarily suspended work.