You are here: Home / News / Crypto Chaos: How Banana Gun’s ninety nine.7% Crash Unveiled a Contract Bug
Within the past, various crypto breaches have arisen because of the shortcomings of smart contracts. Banana Gun has now fallen prey to such a maneuver. The project’s official account turned to X (beforehand identified as Twitter) to thunder a “defect” detected in their contract. Remarkably, this area was simplest uncovered after the contract had been launched, despite undergoing two prior audits. According to the team, this flaw for the duration of the contract permitted customers to eliminate their assets while retaining tax tokens in their wallets.
Following its peak at approximately $8.7, the native token BANANA of the Telegram bot Banana Gun experienced a sudden and extreme stamp decline, continuously referred to as a flash crash. As of the latest moment, the token’s value has nearly diminished to a negligible level.
Business BANANA Gun Token Restoration Plan: Making Customers Entire
On account of a pump-and-dump plan, varied cryptocurrency customers have accused the project of executing a rug pull. On the alternative hand, the project team has devised a comprehensive plan to address the situation. They disclosed that Banana Gun intends to liquidate its Treasury wallet as a primary step to spend the locked liquidity, which can then be reutilized in the unusual contract. Following this, the team will initiate a relaunch and conduct an airdrop to make certain that customers enhance their losses in corpulent.
Regardless of taking precautionary measures and undergoing multiple contract evaluations before the launch, Banana Gun became vulnerable to exploitation. Then again, in a latest submit on X, an anonymous coder identified as ‘MisterChoc’ claimed to have weak OpenAI’s chatbot, ChatGPT, to title the contract flaw, and the chatbot successfully accomplished this within seconds. When skeptics raised questions about ChatGPT’s capabilities, Matthew Zaborowski, the Co-Founding father of Proof of Play, clarified, “While it’s no longer a replace for an experienced developer or a thorough audit, it indeed possesses the ability to detect contract vulnerabilities and enhancements.”
The team has reassured the neighborhood that the unusual contract is currently undergoing an audit, and the project is no longer going to relaunch until every aspect is meticulously addressed. To safeguard the pursuits of traders, the team has meticulously analyzed the Earnings and Loss statements of all traders. As a consequence, folks who purchased more BANANA tokens than they supplied will receive corpulent repayment in ETH as a means of rectifying the situation.