BANANA Token Plunges 99% in 3 Hours Following Bug Discovery, Banana Gun Works to Recover Investments
The highly anticipated launch of BANANA, the native token of Telegram bot Banana Gun, turned into a nightmare as the token’s price plummeted more than 99% within three hours after its release. Investors who were eagerly waiting for the launch saw their hopes dashed as the price of BANANA dropped from a peak of $8.70 to a mere $0.02.
Amidst accusations of a rug pull from some members of the crypto community, Banana Gun’s official X account clarified that the drastic price drop was due to a bug in the token’s contract. Despite having undergone two audits, the team was unable to hotfix the issue, resulting in the bug slipping through the cracks.
Announcement
We have a bug in our contract we cannot hotfix.Despite two audits there is a bug in the contract with our taxes, which allows people to sell their bags while having tax tokens remaining in their wallet.
1. First step is to sell the treasury wallet to drain the LP…
— Banana Gun 🍌🔫 (@BananaGunBot) September 11, 2023
Embarrassingly, a coder known as MisterChoc claimed to have identified the flaw within seconds using OpenAI’s chatbot, ChatGPT. This revelation puts the Banana Gun team and its auditors in an uncomfortable position.
To rectify the situation, Banana Gun announced its plan to sell the treasury wallet, draining the liquidity pool to fund a new contract. Additionally, the team assured investors that a token relaunch would take place with an airdrop to compensate those who had suffered losses. The new contract will undergo a thorough audit to avoid any similar mishaps.
Banana claimed they had 2 audits. So I asked for a third one to my favorite auditor: ChatGPT
And it found the bug 😬 https://t.co/cA9ju08dHB pic.twitter.com/F1GCtmEiSs
— MisterCh0c (@Mister_Ch0c) September 11, 2023
While ChatGPT’s role in quickly spotting the flaw has been praised, experts caution against relying solely on AI to write and audit code. CertiK’s chief security officer, Kang Li, emphasized that AI-powered assistants like ChatGPT may inadvertently introduce more bugs, which can be disastrous for amateur coders venturing into their own projects.
Banana Gun is a relatively new player in the Telegram bot trading scene, which gained popularity after the success of Unibot. The use of bots for trading on decentralized exchanges (DEX) has surged in recent times, with a record daily trading volume of $16.7 million reported on August 29, according to data from Dune Analytics.
In conclusion, the launch of Banana Gun’s BANANA token took a turn for the worse when a bug in the token’s contract caused its price to plummet by over 99% within hours. Despite blaming the bug and acknowledging two failed audits, the team faced further embarrassment when a pseudonymous coder claimed to have identified the flaw using OpenAI’s ChatGPT. Banana Gun is now focused on recovering investments by selling the treasury wallet and relaunching the token with a new contract audited for security. Experts warn against relying solely on AI for coding tasks, emphasizing the potential risks it can introduce. The incident highlights the growing popularity of bot-enabled trading on platforms like Telegram, particularly in decentralized exchanges.
