Dogecoin developer Mishaboar has raised worries among meme coin enthusiasts about the safety of BonkBot. This popular Telegram bot helps people trade meme-based cryptocurrencies like BONK on the Solana blockchain.
Mishaboar went online to warn users about the risks of using custodian hot wallets, which are often found in trading bots. These wallets are always connected to the internet, making them vulnerable to cyber-attacks and data breaches. This puts users’ money at risk, especially with the large amounts of money being traded, sometimes more than $700 million each day. Mishaboar advised users to take their money out of BonkBot until the security issue is fixed.
Promptly, the BonkBot team responded to the growing worries. They argued that the reported breach wasn’t their fault but came from somewhere else. After investigating, they found out that affected users had shared their private keys, giving others access to their wallets. The team assured users that their money was safe if they hadn’t shared their private keys. This incident highlights how crucial it is to manage private keys carefully and be responsible when dealing with cryptocurrencies.
Expanding its offerings in response to growing demand, Binance, a prominent digital currency exchange, announced the introduction of novel trading pairs featuring meme-based cryptocurrencies like BONK, alongside other digital assets. This strategic maneuver is aimed at enriching the trading experience for their customers.
In addition, Binance is set to introduce bot services compatible with certain trading pairs. These services include various automated trading strategies, like Spot Grid, DCA trading, and bots that rebalance portfolios. At first, these bot services will be designed for the ETHFI/USDT pair.
Binance’s calculated move seeks to capitalize on the increasing demand for automated trading solutions within the ever-evolving cryptocurrency landscape. By providing these services, Binance aims to serve a growing group of traders who want to use automation to improve their investments.
Binance’s adoption of automated trading represents a larger trend seen in the cryptocurrency industry. As the market matures and garners increased user adoption, there emerges a growing appetite for tools capable of streamlining the trading process and potentially yielding enhanced returns. With its forthcoming bot services, Binance endeavors to carve out a slice of this burgeoning market segment.
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