Crypto Watchdog Calls Telegram Crypto Trading Bots ‘Risky and Sketchy’

  • In a Twitter post, FatManTerra raised concerns about the security of telegram bot services.
  • The anonymous critic called out crypto influencers for promoting what he termed a risky and sketchy model.
  • Unibot, one of the fast-rising bot services, has, in a few months, reached a $142 million market capitalization. 

Analyst FatManTerra has raised concerns about crypto Telegram trading bots. In a Twitter post, FatMan said the bot allowing users to view their private key via Telegram message is a “security nightmare waiting to happen.”

The crypto sleuth also called out crypto influencers for shilling the bot services, knowing it could potentially lead to a rug pull. Since the infamous Terra-Luna collapse that kickstarted the crypto winter, FatMan has earned a reputation as a crypto market critic. Thus, the anonymous user is renowned for calling out risky and sketchy projects in the crypto ecosystem.

Unibot, which launched in May, is one of the recently emerged telegram bot services that has grown in popularity. These bot services allow users to trade on decentralized platforms like Uniswap easily.

Decentralized crypto platforms are often clogged with terrible UX and stressful processes, making it hard for users to operate. However, with the telegram bots, the processes are simplified, and users can trade, swap, and scalps with simple commands.

Within the short period since its launch, Unibot has managed to garner an impressive $142 million in market capitalization. Likewise, its token (UNIBOT) price has also recorded massive growth, adding 16.3% in the last 24 hours to sit at $143, data from CoinGecko reveals.

This rapid growth and gains indicate that the bot service is fast gaining ground among users. Another reason could be the fact that Unibot redistributes its revenue to its users. Like Unibot, other telegram bot services have emerged in previous months aiming to simplify the traditional way of trading on decentralized platforms.

Despite FatMan’s criticisms, some users commented that the service is safe to use. Some users also added that a security measure to employ is not to put all assets in the wallet.

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