Solareum, a trading bot operating on the Solana network through Telegram, has announced its permanent closure due to financial insufficiency and a recent security breach.

The developers expressed regret over the shutdown, citing a lack of funds, changing market conditions, and the security incident as reasons for the decision. Despite efforts to secure additional funding and enhance security measures, they could no longer ensure user safety.

Solareum facilitated crypto trading on Telegram, utilizing an Ethereum Virtual Machine-Solana Virtual Machine bridge. In late March, the bot experienced a security breach resulting in the loss of over 2,800 SOL tokens valued at approximately $520,000 from more than 300 users.

Although initially suspected, the BONKbot trading bot was later cleared of involvement. The Solareum team denied any exit scam and stated their intention to recover stolen funds by contacting authorities.

They advised users to retrieve their data and assets promptly as the platform winds down operations. Solana's popularity among meme coin enthusiasts has attracted scammers, with numerous wallet draining incidents reported. Security firms have identified new threats targeting Solana users, highlighting ongoing risks in the ecosystem.