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Solareum Trading Bot on Telegram Announces Closure

Solareum Trading Bot on Telegram Announces Closure

Key Takeaways

  • Solareum, a Solana-based trading bot on Telegram, announces its closure following a $520K security breach and funding issues.
  • Despite efforts to secure funding, adapt to market trends, and improve security, the project could not guarantee user safety, prompting its shutdown.
  • The team is working to freeze stolen funds and has urged users to collect their data and assets.

Solareum, a Solana-based trading bot on Telegram, has announced it will be closing down.

The decision has been made due to the project's funding challenges and a security breach, which was tied to a drain of over 2,800 Solana (SOL), equivalent to approximately $520,000, affecting over 300 users.

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Solareum was the first Solana trading bot with a built-in ETH-SOL bridge.

The project's closure was announced through their Telegram support channel. The announcement detailed the obstacles faced by the team, including "a combination of insufficient funds, evolving market trends, and a recent security breach."

Despite their best efforts to secure additional investments, adapt to market changes, and enhance security measures, the team admitted defeat in ensuring user safety due to a lack of funds.

The team has announced that they are contacting authorities to freeze the stolen funds if they are transferred to any centralized crypto exchanges.

They advised that as the shutdown of Solareum's services and functionalities begins, users should quickly retrieve any important data or assets.

In addition, the project's team went on X to address rumors suggesting that Solareum was involved in an exit scam, firmly stating that they did not steal user funds. However, they acknowledged that numerous Solareum users' wallets were drained, emphasizing that this incident was part of a larger pattern of exploits affecting other bots and dApps. The team added:

We advise everyone to please stop pointing fingers at us as we are the victim here.

As Solareum prepares to cease its operations, it raises discussions about broader issues within crypto regarding security.

In other news, a cybercriminal group has targeted Call of Duty gamers with malware, stealing credentials and Bitcoin from numerous players.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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