After encountering a series of setbacks, including a recent security breach and financial constraints, the developers behind Solareum, a Telegram-based trading bot operating on the Solana blockchain, have made the difficult decision to cease operations permanently.
In an announcement shared via the Solareum support channel on Telegram and by king.sol, a co-founder of the BONKbot trading bot, the team expressed deep regret over the closure.
The team added that they have made “concerted efforts to secure additional funding, adapt to market changes, and fortify our security measures.” It further said that it can no longer “assure the safety of our users due to the lack of funds.”
Solareum, known for its automated trading capabilities for Solana-based crypto tokens, has now reached the end of its journey due to these insurmountable challenges.
In late March, a security breach occurred, leading to wallet-draining and the loss of over 2,800 SOL tokens, valued at around $520,000, from the wallets of 300+ Solana users.
Initially, suspicion of the hack was cast on BONKbot, but the team refuted this on March 30, asserting BONKbot’s safety and implicating another Solana app in the exploit.
The Solareum team denied orchestrating an exit scam or stealing funds, attributing the drained wallets to a broader exploit affecting various bot projects and dApps. They acknowledged the possibility of being exploited themselves and sought authorities’ assistance in freezing stolen funds on centralized exchanges.
Users were urged to retrieve any relevant data or assets promptly as Solareum prepares to wind down its services in the coming weeks.
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