Users of Telegram trading bots trust them to manage their assets, but the technical details of their operation and the reliability of user data storage raise many questions.
Cybersecurity experts from CertiK warn users of Telegram trading bots about the security risks. According to experts, storing assets in the accounts of such platforms is extremely risky due to the lack of clarity in their technical peculiarities. They expressed this opinion in a comment for Cointelegraph.
A similar opinion was stated in a thematic blog by experts from Beosin, a company that specializes in blockchain security. They warned the community that Telegram trading bots were centralized tools and posed risks to the integrity of their users’ personal data and assets. What’s more, they call Telegram bots tools for degens, and the most popular one, Unibot, a “shitcoin exchange.”
According to Beosin analysts, creators of Telegram bots artificially generate FOMO, making their products increasingly popular. For example, the Telegram bot token MEVFree was launched in early May and since then its price has grown by over 11,000%. The token of the LootBot project, a Telegram bot focused on income from airdrops, rose by 800% within five days of its launch and then plummeted just as rapidly.
According to CoinGecko, as of 13:00 (GMT+3), August 11, the total market cap of Telegram bot tokens exceeds $230 million. It’s worth noting that after critical materials about this market segment were published, its capitalisation began to shrink rapidly, losing more than 11% of its value in a day.
Among the measures that will increase the reliability of Telegram bots, Beosin specialists named open source code and the introduction of reliable protocols to protect user data. The hype around Telegram bots for crypto has recently started to gain momentum, and the total trading volume of digital assets with their help exceeded $190 million.
