BonkBot Goes Non-Custodial, Puts Users in Control
- DDDOriginal
- 2024-10-10 07:16:211051browse
In a recent post on X, the devs assured users they are now in total control of their transactions.
A Telegram crypto trading bot called BonkBot has announced it will be shifting to a non-custodial model to enhance user protection. This move follows concerns about the vulnerability of custodial trading bots, which grant the provider access to private keys and other sensitive user information.
In a recent post on Medium, the BonkBot team announced the shift, highlighting that users will now have complete control over their transactions. The bot has also implemented two-factor authentication for SOL withdrawals, private key export, and optional token whitelisting to further bolster security.
"In its Aftermini app, It’s. PartAftermini app,., BonkBot has no form of freezing or censuring the respective assets," the blog post reads.
The non-custodial model will prioritize user safety by enabling them to maintain control over their assets at all times. BonkBot will no longer have the ability to freeze users' assets, and only the user can approve and conduct transactions.
If a Telegram account is compromised, the bot has ultra-secure protections, such as 2FA on SOL withdrawals, private key exports, and optional token whitelisting, to help defend against such scenarios. Upcoming updates will implement Face ID and passkeys.
Custom KMS Delivering Unparalleled Security and User Control
Moreover, BonkBot utilizes Pre-TX verification mechanisms to ensure the safety of its transactions, even in the event of other platform vulnerabilities. This is achieved through a predefined set of WASM modules that validate the integrity of each transaction to guarantee that it acts precisely as the user intended.
A new model for wallet seed phrase generation will also be introduced, allowing users to access and work with multiple wallets using a single seed phrase, eliminating the hassle of managing different private keys.
Despite the announcement, the price of BONK seems to be showing a different story. The coin dropped by 2.16% over the last 24 hours and is currently trading at $0.0000203846140.
The bot also urges users to keep their seed phrases in a secure location, as they fall outside of BonkBot's scope of protection if exposed. This transition marks a significant step toward balancing user security with ease of use.
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