Unibot Tanks 33% After Ending Collaboration With Solana Group
From trading at a high of $77 at the start of the European morning on Monday, UNIBOT sank 40% to around $45.51 before rebounding slightly
Mar 11, 2024 at 11:43 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/43M2HGSJURDONGGRGTXHTXPODM.png)
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The native token of trading application Unibot (UNIBOT) sunk 40% on Monday after announcing the termination of its collaboration with the team that deployed it on Solana over security concerns.
Unibot said a breach of trust had occurred when the Solana group "launched the Blast bot named "evm_unibot" without obtaining prior permission and authorization from us," in a post on X, adding that the group refused to perform KYC and failed to honor commitments around fees.
"This decision is rooted in security concerns, prompting us to transition to in-house development and operation of Unibot on Solana using our secure server infrastructure," Unibot added.
From trading at a high of $77 at the start of the European morning on Monday, UNIBOT sank 40% to around $45.51 before rebounding slightly. At the time of writing, it is priced at $50.75, down just over 30% on the last 24 hours, according to data by CoinMarketCap.
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Jamie Crawley is a CoinDesk news reporter based in London.