In a recent development in the cryptocurrency realm, Mishaboar, a developer associated with Dogecoin (DOGE), has raised a red flag concerning a Telegram bot connected to cryptocurrency trading. Mishaboar, a notable figure in the DOGE community, used social media platforms to caution users about potential risks associated with utilizing popular Telegram bots for trading meme-based tokens.

The warning specifically focuses on an exploit impacting BonkBot, a bot named after the meme token BONK used for token purchases on the Solana blockchain. Users are advised to be cautious and withdraw their funds from these bots until the issue is resolved.

Mishaboar emphasizes the risks linked to custodial hot wallets, urging users not to store significant amounts of cryptocurrency in them due to vulnerabilities that could lead to data breaches and exploitation by malicious entities.

The urgency of the alert is underscored by the substantial trading volumes seen on these bots, with transactions surging to $700 million in a single day. Mishaboar's guidance is particularly crucial for newcomers to the crypto space who heavily rely on these bots for trading and managing assets.

Despite circulating rumors, the BonkBot team has reassured users about the bot's security. They clarify that the reported exploits do not originate from BonkBot itself but from other parts of the ecosystem. According to the team, users whose accounts were depleted had previously exported their private keys, emphasizing that funds of users who have not exported their keys remain safeguarded.