With the rising adoption of these bots, several experts have amplified worries about the glaring absence of security measures in these apps.
Yet, as activity flourishes, experts are casting a critical eye, particularly concerning how the bots handle user assets.
“I think the rise of Telegram bots is a terrible development — closed source and you are handing over your private keys. This is even worse than back in the day when you sent some funds to an unknown exchange website,” Blockchain security firm BlockSec has expressed apprehension regarding the growing trend of Telegram bots, with co-founder Yajin Zhou emphasizing the potential dangers associated with transferring tokens to third-party wallets created by the apps or disclosing private keys. He pointed out that while the bots excel in offering speed and ease of use, they often come at the cost of security.
When a bot generates a wallet, it’s essentially creating a cryptographic key pair. The public key is the destination for incoming funds. The private key, being the exclusive access point to these digital assets, can potentially become a prime target; if compromised by malevolent actors, they can drain the associated funds. On the other hand, if a user misplaces the private key without a backup, they’re locked out of their own assets.
Security audits, executed by third-party specialists, evaluate a system’s susceptibility to breaches. Their role is pivotal in ensuring that systems adhere to best practices, safeguarding both user data and assets. A lack of such audits raises red flags, signaling possible omissions or compromises, Schwed highlighted.
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