Summary
TLDR: The team behind Solareum, a Telegram trading app for Solana-based tokens, announced they are shutting down after an exploit drained $523,000 worth of SOL from user wallets. The exploit affected over 300 users, with BONKbot initially suspected but denied involvement. Solareum blamed a security breach, insufficient funds, and market trends for the closure and will attempt to freeze stolen assets. Users are demanding compensation and clarity on the situation.
Key Points
1. The team behind Solareum announced the shutdown of their Telegram trading app for Solana-based tokens after being tied to an exploit that resulted in $523,000 worth of SOL being drained from user wallets.
2. The wallet-draining exploit affected more than 300 Solana users, with initial suspicions pointing towards the popular Telegram trading bot BONKbot. However, the BONKbot team denied any security lapse on their end.
3. Solareum attributed the closure of their project to a combination of insufficient funds, evolving market trends, and a recent security breach. They mentioned efforts to secure additional funding and fortify security measures, but the breach compromised their systems and led to the difficult decision to shut down.