Bitrace Highlights Risks Associated With Telegram Exchange Bots

• According to Bitrace, there is a high risk of user address contamination by Telegram bots.
• Most Telegram bots are linked to gambling, money laundering, and fraud.
• The Telegram coin exchange bot predominantly uses the TRC-20 USDT stablecoin.

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According to Bitrace, a London-based British investment company, there is a high risk of user address contamination by Telegram bots linked to gambling, money laundering, and fraud. The organization issued a warning about a Telegram coin exchange bot that mostly employs the TRC-20 USDT stablecoin.

According to a recent research, despite the platform’s flexibility for convenient transactions, consumers who utilize the Telegram bot risk having their addresses contaminated by these illicit operations. 

Bitrace research reminds that the Telegram coin exchange robot, mostly with Trc20 USDT, has a large number of gambler addresses, money laundering addresses, stolen coin addresses and fraudulent addresses, which may contaminate the user’s address. https://t.co/GHw0lr1lDI

— Wu Blockchain (@WuBlockchain) November 6, 2023

According to the Bitrace study, numerous gamblers employ specific filters to obtain blockchain IDs with acceptable public keys. They do this to build a false front that appears to be real for the compromised wallet addresses. Although such addresses appear to naive users to be clean, they frequently relate to transactions that expose other users to significant financial dangers.

Following Bitrace’s warning, crypto users are encouraged to exercise caution while engaging in transactions utilizing Telegram bots. According to the research platform, these solutions that give convenience and transaction flexibility come with increased financial risks.

Read Also: Maestro Trading Bot Refunds 610 ETH to Users Following Router Exploit

The Telegram App is well-known for its scalability, allowing users to perform a variety of useful services such as community administration, company promotion, and AI functions. Members of the Telegram community encounter several types of intelligent robots, particularly those engaging in business transactions.

Bitrace discovered that the most common trading pair used by most Telegram bots is TRX/USDT, which is used to address the tiny currency exchange needs of average chain users. The study team encouraged users to be more cautious while conducting transactions via the Telegram bot. It also advised people to approach the digital landscape with knowledge, which will help to defend their interests and maintain the integrity of their financial transactions.