Last Updated on September 12, 2023 by Bitfinsider
The highly anticipated introduction of the native token BANANA, created by the Telegram bot Banana Gun, didn’t go as planned; in less than three hours, the token’s price dropped from a high of $8.70 to $0.02.
A few cryptocurrency users were quick to criticise, calling it a “rug pull.” The team was unable to hotfix a bug in the token’s contract, according to the official Banana Gun X account, which instead pointed the finger at the bug’s persistence “despite two audits.”
But after a hacker going by the moniker MisterChoc claimed to have used OpenAI’s chatbot ChatGPT to find the bug in a matter of seconds, the Banana Gun team and its so-called auditors are probably going to be blushing with shame.
Users caught in the crossfire were given a “way forward” by the Banana Gun team, which stated that selling the Treasury wallet is the first step in draining the liquidity pool so that a new contract may be funded.
The team further stated that in order to guarantee that unfortunate BANANA investors could receive their money back while the new contract was being audited, they will shortly relaunch the token through an airdrop.
In this instance, experts have continued to caution against using AI to write and audit code, but ChatGPT has been commended for its speed in identifying the vulnerability.
ChatGPT and other AI-powered helpers might introduce more vulnerabilities than they find, according to CertiK Chief Security Officer Kang Li, in a Sept. 5 interview with Cointelegraph. This might be disastrous for inexperienced programmers wishing to develop their own applications.
Following in Unibot’s footsteps, Banana Gun is one of the more recent and prominent players in the Telegram bot trading space. Since Unibot, degen traders seeking to more swiftly snipe new tokens and effectively hunt airdrops have greatly increased the appeal of Telegram bot-enabled trading.
Data from Dune Analytics indicates that on August 29, DEX trading bots achieved a record daily trading volume of $16.7 million.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
