Telegram Bot token surged 100 times in two months, CertiK, a blockchain cybersecurity company, warns of high unknown risks

Telegram Bot has seen a significant increase in the number and usage rate of related robots recently, especially with the initial success of Unibot. Among them, there are some tokens that have performed exceptionally well, with some even skyrocketing by over 10,000% within two months. However, while these robots offer convenience, the potential downside may be security concerns such as private key leaks.

For more details on Telegram BOT: Binance Research | Overview of Telegram BOT Telegram Robots Common Functions, Applications, and Risks

What is Telegram Bot?

Telegram Bot is an application that combines the cryptocurrency market with communication software. Users can input commands through channels to link their personal cryptocurrency wallets to complete transactions. They can also follow orders or automatically execute airdrop tasks. Its intuitive interface and diverse functions have caught the attention of a large number of cryptocurrency traders in the past three months.

In addition, some Telegram Bots have issued their own project tokens, such as Unibot and LootBot, providing liquidity mining income or additional features. Benefiting from the trend, the prices of some tokens have risen to unbelievable heights.

Surge in Some Tokens

For example, MEVFree and WagieBot, the former, according to the official description of MEVFree, is committed to building a complete ecosystem that can protect users and maximize their profits from cryptocurrency trading. The latter, like a regular bot, provides trading, order following, and token listing sniper functions.

However, both have attracted a large amount of funds in the recent trend. MEVFree has surged by 11,200% in the past three months.

Meanwhile, WagieBot rode the wave of July, surging nearly 2,400% in two weeks. After reaching its peak, it has since fallen by 85%, indicating high risk.

Security Concerns of Telegram Bot

Given the transformation of communication software, used by millions daily, into the current popular cryptocurrency trading platform, related risks and concerns have received special attention and scrutiny. CoinGecko's data shows that the overall market value of Telegram Bot has reached $240 million.

Blockchain security company Certik warns that many Telegram Bots can create cryptocurrency wallets for users online, but the ownership of the private keys remains unknown.

It is currently unknown whether project personnel or Telegram staff have the authority to view or use user wallets, nor can it be confirmed whether they can back up through Telegram's database. However, the undisclosed information mentioned above is indeed a concern.

The online security team Beosin also warns that the partial centralization of Telegram poses a risk to users' private keys.

Many bots do not have open-source code or undergo audits, hence there are security risks. If a user's account is attacked, they may lose control of their funds.

Therefore, Beosin recommends that teams open-source their code for auditing purposes and ensure the safety of users' assets.