MARKET

Zero within an hour! Banana Gun Bot coin issuance error, ChatGPT spots bug at a glance?

share
Zero within an hour! Banana Gun Bot coin issuance error, ChatGPT spots bug at a glance?

FDV, with a fully diluted valuation of $6.5 million, launched its Banana Gun Bot, dubbed as the Unibot killer, for trading in the early hours today. However, due to a contract vulnerability, the token price plummeted by over 90% within minutes. The team has since removed contract liquidity and stated that they will deploy a new contract, compensating with an ETH airdrop.

Background: Unibot's strongest competitor? Banana Gun Bot's token launch gains attention, but faces scrutiny over motives.

$BANANA Token Contract Exploited Due to Vulnerability

The $BANANA token initiated a token airdrop for claiming at 2 a.m. today and opened trading on UniSwap half an hour later.

According to Dex Screener data, the $BANANA token price doubled within three minutes, reaching a peak of 8.67 USD.

Team Emergency Withdraws Liquidity

However, things did not go as smoothly as expected. Along with an announcement from the Banana Gun Bot team, the $BANANA price plummeted by 90% within 15 minutes.

Despite passing two audits, there was still an irreparable error in our tax collection contract. We will update the contract as soon as possible and provide airdrop compensation.

The team stated that a flaw caused 4% of the transaction tax to not enter the team's tax wallet treasury but instead remain in the seller's wallet, as mentioned in a tweet.

We will sell treasury wallet assets to remove liquidity approximately 1.3 million USD and then use the funds for a redeployed new contract, along with a new airdrop.

Reportedly, the team has abandoned the original contract address and advised users not to purchase the token through any means anymore; however, users have already suffered heavy losses and criticized it as a scam.

Team Response

The team promptly issued a statement, indicating they had taken a snapshot earlier and would compensate those who suffered losses in the transaction.

It is reported that the snapshot block was 18115275, around 3:45 a.m., and anyone holding the token before the snapshot, regardless of selling after, will receive an airdrop based on the holding amount.

Additionally, those who traded after the snapshot and made profits will not receive the airdrop; however, if they incurred losses, the team will airdrop corresponding ETH as compensation.

Engineer: ChatGPT Identifies Contract Issue Immediately

Ironically, according to a report from Cointelegraph, an engineer, MisterChoc, discovered that despite claims by the Banana Gun Bot team that the contract had passed two audits, MisterChoc identified the flaw in the contract using ChatGPT in seconds.

Users: Can Certik Audits Be Trusted?

Some users directed their criticism towards Certik, the blockchain security firm that allegedly audited the Banana Gun Bot token contract, accusing them of not conducting a thorough security review, as mentioned in a tweet here.

However, Certik responded that they did not audit this contract, and all information can be verified through their website.

Previously, DEX MERLIN in the zkSync era, which absconded with funds, was also audited by Certik, damaging their reputation in the process.

Currently, conflicting statements from the team and auditing firms raise doubts about the trustworthiness of the Banana Gun Bot team.