Crypto’s Biggest Telegram-Based Trading Tool Just Got a Major Upgrade

Telegram-based trading bots have become commonplace in the crypto industry. Platforms like BonkBot and Trojan are now considered a necessity for active traders, offering a faster, more competitive trading experience when compared to manually swapping tokens through a DEX.

Despite their effectiveness, Telegram trading bots typically aren’t as secure as standard wallets and often fall victim to hacks and exploits.

Aiming to better protect Solana traders from cybercriminals, BonkBot has announced a wealth of security improvements. Here’s what to expect.

BonkBot Announces Proprietary Key Management System

One of the biggest concerns and criticisms of Telegram trading bots is that they’re inherently custodial. An account’s private keys and other sensitive data are typically stored on a provider’s backend system. In the event of an exploit, hackers generally have full access and control over a wallet and all its stored assets.

BonkBot’s new security update provides a much-needed solution, developing a novel KMS (Key Management System) that ensures all BonkBot accounts are non-custodial. BonkBot users are now the sole individuals with access to their private keys, meaning that they alone have the power to initiate transactions.

In an exclusive statement, Henry, a BonkBot team member informed SolanaFloor that the update gives BonkBot “essentially the same security assumptions as Ledger, but with no impact on latency or UI / UX”.

2FA BonkBot Mini-App

Beyond switching to a non-custodial wallet solution, BonkBot also intends to implement a new authorization mini-app. Functioning as an extension of the BonkBot Telegram app, the mini-app combines cryptography with human-readable transaction descriptions, allowing traders to verify their intent before executing transactions.

BonkBot’s authorization mini-app protects a user’s wallet, even if their Telegram account is compromised. According to the BonkBot team, the technique used in the recent BananaGun hack would have been foiled by BonkBot’s new authorization system.

BonkBot users looking for an additional layer of security can also secure their accounts and transactions with Pass-Key support, like Face ID and biometrics. After Pass-Keys have been implemented, users will also be able to export their account’s seed phrase.

Pre-Transaction Protection

BonkBot’s final update also protects users in the event of exploited third-party smart contracts on trading platforms like Raydium and pump.fun.

Leveraging a custom WASM module, BonkBot establishes the ‘shape’ of specific transaction types. Before executing a transaction, the module verifies that all outputs of transactions are exactly as defined. Additionally, the module can also ensure that any initiated translation is output to the user’s address or a program derived from the user’s address.

Essentially, every transaction is verified to behave exactly as intended against a predefined set of constraints before it is executed. Impressively, BonkBot hasn’t sacrificed any speed or latency, all checks are performed in less than 0.5ms.

BonkBot Still Crypto’s Biggest TG Bot by Lifetime Volume

Despite fierce competition from Trojan, BonkBot remains the crypto industry’s most-used Telegram trading platform. Since launching in late 2023, BonkBot has facilitated over $8.2B in trading volume, attracting over 400,000 lifetime users. 

BonkBot’s popularity has been a tremendous boon for $BONK, with platform fees being used to buy $BONK off the open market. A percentage of purchased $BONK is then burnt, permanently removing these tokens from $BONK’s total supply. 

Since BonkBot’s launch, roughly 450B $BONK (valued at over $9.2M) has been burnt through this mechanic.

BonkBot’s new security updates are expected to roll out in the coming weeks. The team has assured users that the initial rollout phase will occur automatically. Two subsequent user actions will need to be taken to export their private key and migrate to their new seed phrase wallet.

Users will be notified directly within BonkBot, with simultaneous communication from the official 𝕏 account for additional verification.

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