In a highly anticipated launch, Banana Gun’s native token, BANANA, experienced a catastrophic fall of over 99% within just three hours due to a critical bug discovered in its contract. The excitement surrounding the Telegram bot’s token turned sour as the price plummeted from an initial peak of $8.70 to a mere $0.02. Some members of the crypto community were quick to label it a “rug pull,” implying that it was a deliberate act of deception.
However, Banana Gun’s official account, X, attributed the collapse to an unforeseen bug in the token’s contract, which slipped through even after undergoing two audits.
Adding to the embarrassment, a pseudonymous coder known as MisterChoc claimed to have identified the flaw within seconds using OpenAI’s chatbot, ChatGPT. This revelation shed light on the efficacy of AI-powered tools in quickly identifying vulnerabilities. Nonetheless, experts have continued to express caution about relying solely on AI for code writing and auditing, suggesting that it can create as many bugs as it discovers.
In response to the crisis, Banana Gun outlined its plan for affected users. The team advised selling the treasury wallet to drain the liquidity pool, which would then be redirected towards a new contract.
Additionally, they assured investors that a relaunch of the token, accompanied by an airdrop, was imminent. The aim of the airdrop is to compensate unlucky BANANA holders while subjecting the new contract to a thorough audit.
Banana Gun, a notable player in the Telegram bot trading world, has gained prominence following the success of Unibot. The utilization of Telegram bots for trading purposes has surged in popularity, particularly among traders seeking to capitalize on new token opportunities and optimize their pursuit of airdrops. Recent data from Dune Analytics revealed that DEX trading bots achieved a record daily trading volume of $16.7 million on August 29.
While ChatGPT’s role in quickly detecting the contract bug has been lauded, experts remain cautious about over-reliance on AI tools for coding purposes. As Banana Gun navigates the aftermath of its rocky launch, the mishap serves as a reminder of the importance of rigorous audits and due diligence when deploying new tokens in the crypto landscape.