Bitrace Highlights Risks Associated With Telegram Exchange Bots

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 outfit raised the alarm over the Telegram coin exchange bot that predominantly uses the TRC-20 USDT stablecoin.

A recent report reveals that users who use the Telegram bot run the risk of their addresses becoming contaminated by these nefarious activities despite the flexibility the platform provides for convenient transactions.

Bitrace research reported that several gamblers use specialized filters to procure blockchain IDs with desirable public keys. They do so to create a facade that establishes a seemingly legitimate front for the compromised wallet addresses. Although such addresses appear clean to unsuspecting users, they often link to transactions that expose other users to substantial financial risks.

Following Bitrace’s alarm, crypto users are advised to be cautious while participating in transactions involving Telegram bots. According to the research platform, these solutions that provide convenience and flexibility of transactions also come with heightened financial risks.

The Telegram App is renowned for its scalability and allows users to realize many convenient functions, including community management, business promotion, and AI functions. Telegram community members come across different kinds of intelligent robots, especially those involved in business transactions.

Bitrace observed that the main trading pair adopted by most Telegram bots is the TRX/USDT, which is used to meet the small currency exchange needs of ordinary users on the chain. The research group advised users to be more vigilant when using the Telegram bot for transactions. It also asked them to approach the digital landscape with an informed perspective, which will help to protect their interest and preserve the integrity of their financial actions.