After a series of setbacks, including a recent security breach and financial restrictions, the makers of Solareum, a Telegram based trading bot that runs on the Solana blockchain, have made the tough choice to shut down forever.
Dear Solareum Community,
It is with a profound sense of regret that we announce the closure of the Solareum project. Unfortunately, due to a combination of insufficient funds, evolving market trends, and a recent security breach to our systems, we find ourselves compelled to…
— king.sol (@DeFiAzog) March 30, 2024In 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 sincere remorse for the closure.
Although the team has made “concerted efforts to secure additional funding, adapt to market changes, and fortify our security measures,” but were unable to “assure the safety of our users due to the lack of funds.”
Solareum, recognized for its automated trading capabilities for Solana-based cryptocurrency currencies, has reached the end of its voyage because to these insurmountable obstacles.
In late March, a security compromise occurred, resulting in wallet draining and the theft of over 2,800 SOL tokens worth around $520,000 from the wallets of 300+ Solana users.
Initially, suspicion was put on BONKBot, but the team refuted this on March 30, claiming BONKBot’s safety and alleging another Solana program in the exploit.
The Solareum crew denied conducting an exit scam or stealing funds, blaming the empty wallets on a larger issue affecting many bot projects and dApps. They admitted the danger of being exploited themselves and asked authorities for help in freezing stolen funds on centralized exchanges.
Users were asked to retrieve any pertinent data or assets as Solareum plans to discontinue its services in the coming weeks.
