BonkBot, one of the most popular trading bots on Telegram, is shifting to a non-custodial model. This change aims to enhance user security by implementing Pre-TX protection against hackers.
User Control with Non-Custodial Model
Under this new model, users will have complete control over their assets. They will always have access to their funds and will need to approve all transactions. Notably, BonkBot will not freeze or censor any assets in its Aftermini app, ensuring user autonomy.
In a recent post on X, the developers reassured users that they now fully control their transactions. They have introduced several security features, including two-factor authentication (2FA) for SOL withdrawals, private key exports, and optional token whitelisting. Additionally, the company plans to implement more security measures, such as Face ID and passkey authentication.
Simplified Wallet Management
The new seed phrase wallet model allows users to access multiple wallets with just one phrase. Previously, users had to manage different passkeys for each wallet, complicating crypto management. This enhancement aims to make it easier and safer for users to handle their digital assets.
Addressing Common Concerns
One major concern about Telegram trading bots has been their custodial nature. Typically, private keys and sensitive user information are stored on the provider’s backend, making assets vulnerable to security breaches. By adopting a non-custodial approach, BonkBot prioritizes user safety, allowing users to retain control of their funds.
In the event of a compromised Telegram account, BonkBot offers strong security measures, including 2FA for SOL withdrawals and private key exports. The upcoming updates will also feature Face ID and passkey authentication for additional protection.
Advanced Security Features with Pre-TX Verification
BonkBot’s new Pre-TX verification mechanisms ensure safe transactions, even in the event of platform vulnerabilities. A predefined set of WASM modules will validate the integrity of each transaction, enhancing security further.
Impact on BONK Price
Despite these promising updates, the announcement has not influenced the BONK price significantly. The coin has experienced a 2.16% decline in the past 24 hours, currently trading at $0.0000203846140.
Important User Reminder
BonkBot emphasizes that users should securely store their seed phrases. If a seed phrase is exposed, it falls outside BonkBot’s protection. This transition is a crucial step in balancing user security with convenience, making it easier for users to manage their crypto assets securely.