The much anticipated launch of BANANA token has failed within hours after a severe bug is identified in its “double-audited” smart contract.
On September 12, the trading bot Banana Gun’s native token BANANA dropped 99% to $0.02 from the peak of $8.70 in less than 3 hours of its launch.
Following the big dump, the crypto community accused the project of a rugpull but minutes later the official X (twitter) handle shared that the team has found a bug in token’s contract that they “cannot hotfix.”
While disclosing the bug and opting for a prior solution to the problem, the Banana Gun team said that they will drain funds from Liquidity Pool using the treasury wallet and relaunch with an airdrop to everyone involved.
The disclosure of the bug smashes contract auditor’s as well as Banana Gun’s reputation as they claim that the BANANA contract was audited 2 times. As it was not enough, a user finds out the bug with minimal effort while using ChatGPT.
Banana Gun is a telegram trading bot that snipes upcoming token launches. It has gained a remarkable traction and popularity among traders while generating a revenue of over $750,00 (500 ETH), reports the team.