08-11-2023 icon

Don’t trust Telegram trading bots for custody – Security firms

By Lucy Adegbe
Telegram trading bots

Telegram trading bots are becoming increasingly popular, as they offer a convenient way to trade cryptocurrencies without having to learn how to do it yourself. However, security firms are warning users not to trust these bots with their cryptocurrency holdings.

One of the main concerns with Telegram trading bots is that they are often not secure. These bots are often created by anonymous developers, and there is no guarantee that they are not malicious. Additionally, Telegram itself is not a secure platform, as it has been known to be hacked in the past.

The combined market capitalization of Telegram bot tokens is nearing $250 million, according to CoinGecko. The largest of the pack is Unibot; other popular bots include Wagie Bot and Mizar.

Another concern with Telegram trading bots is that they can be easily manipulated. Bots can be programmed to make trades that are not in the best interests of the user, and there is no way to know for sure if a bot is being operated honestly.

For these reasons, security firms are advising users to not trust Telegram trading bots with their cryptocurrency holdings. Instead, they recommend that users store their cryptocurrency in a secure wallet that they control.