The native token of the Telegram bot, Banana Gun, named BANANA, recently faced a significant crypto vulnerability due to a “bug” in its contract.
Despite high expectations, the token’s value took a catastrophic dive in just three hours after its debut, resulting in a drastic price decline.
From an apex of $8.70, the token’s value crashed by over 99%, bottoming out at $0.02. This drastic fall led to widespread frustration, with many users labeling the platform as fraudulent and the event as a rug pull.
Addressing the situation, Banana Gun attributed the fiasco to a coding bug that they couldn’t swiftly rectify. Alarmingly, this glitch had gone unnoticed even after two thorough audits by the team.
The glitch permitted actors to exploit the company by selling off their assets even while holding their tax tokens.
While the company asserted its developers had overlooked the bug, a developer known as @Mister_Ch0k on Twitter mentioned having used OpenAI’s ChatGPT to pinpoint the flaw in the code in mere seconds.
These new revelations have stoked renewed debates and skepticism about the project, especially given its failure to detect the bug even after two rounds of audits.
Although the AI chatbot proved effective in spotting the error, specialists have cautioned against developers placing undue reliance on such tools over human expertise.
Matthew Zaborowski, co-founder of Proof-of-play, observed that while ChatGPT is adept at scanning contracts for potential vulnerabilities and areas of refinement, it doesn’t replace the expertise of a seasoned developer or the value of comprehensive audits. He stated, “ChatGPT is not a substitute for a seasoned developer or a thorough set of audits. However, it certainly possesses the capability to analyze contracts for potential weaknesses and enhancements.”
In a similar vein, Kang Li, the Chief Security Officer at CertiK, argued that over-dependence on AI for development could be problematic, particularly if used by less experienced developers. He emphasized the potential pitfalls that can arise when amateur coders lean too heavily on AI without a deeper understanding of the nuances and complexities of coding.
Banana Gun to refund users
In their formal response, the platform detailed measures to indemnify users impacted by the debacle, though a segment of the crypto community feels that the token has already endured irreparable harm.
As per the team’s outline, their immediate course of action involves liquidating the treasury to extract liquidity, funds from which will be redirected into the new contract. Subsequently, the platform plans to execute a relaunch, incorporating an airdrop to redress the affected parties.
The team has pledged that, ahead of this reboot, the new contract will undergo a thorough review, ensuring no relaunch takes place until all elements are perfectly aligned and verified.
Entering the scene after Unibot, Banana Gun was poised as the next major player in Telegram bot trading. Yet, its rapid stumble soon after its introduction has left many market watchers uncertain about the platform’s prospective trajectory.