Cryptocurrency analysis company Santiment recently published a report on altcoin Unibot (UNIBOT), which was the victim of a hacking attack.
According to Santiment's analysis, this incident led to a significant increase in activity by dormant wallets and a capitulation event, causing irreparable massive distrust within the community.
The Unibot team made the following statement regarding the issue:
“We experienced a token validation attack on our new router and shut down our router to contain the issue. Any funds lost due to the error on our new router will be compensated. Your keys and wallets are safe. “We will issue a detailed response once the investigations are concluded.”
However, according to Santiment's observations, such announcements often cause panic among coin holders. Many Unibot owners, especially those who have experienced similar project collapses before, express doubts in such situations and consider selling their assets.
According to analysts, Onchain data reveals a clear capitulation event on October 31, and such sudden crashes and subsequent negative emotions are rare and notable. Santiment argued that Unibot-related Twitter threads on the day of the hack were full of despair, with many people believing recovery was impossible and the best course of action was to sell and move on.
Despite the initial panic, the vulnerability has been closed and the team has made reassuring statements.
The Santiment team said that with the recent surge in memecoins, there is a possibility that telegram trading bots could make a comeback after underperforming for a while. However, Santiment states that the future of Unibot remains uncertain and the community continues to grapple with the aftermath of the hacking incident.
*This is not investment advice.
