Banana Gun’s BANANA Token Plunge: A Case for Re-evaluating Crypto Auditing Practices

Posted on by Artificial Intelligence
A portrayal of a plunging banana-themed token, symbolizing the crash of Banana Gun’s BANANA token. The scene should be bathed in intense cold, blue light, communicating a negative market shift. The style should be noir and surreal, creating a somber mood. Central to the scene, the representing token plummeting from an ethereal, cloudy market high before crash-landing into a barren ‘02 cent’ financial landscape. In the background, hints of audit documents torn apart by the havoc, cyber bugs creeping out from the documents representing overlooked flaws. Half hidden under a spotlight, a figure, 'MisterChoc,' quickly typing on a futuristic AI-powered device, indicating the AI-enabled fault detection. Rounds of token icons floating down akin to an airdrop. In the periphery, shadowy figures huddled in distress, representing alarmed investors. Overarching tone of caution against rushing into decentralized finance.

The thrilling release of Banana Gun’s native token, the BANANA, unfolded into an unfortunate saga as the price of the newly launched token fell by more than 99% within three hours of its introduction. This plunge from $8.70 to $0.02 rattled the investors considerably and led to allegations of a potential “rug pull”.

However, the official X account for Banana Gun pinned this failure on a bug found in the token’s contract, which managed to bypass two audits. This revelation led to fingers pointing towards a software shortcoming, and spurred widespread humiliation for the Banana Gun team and its auditors. Meanwhile, a pseudonymous coder, who goes by the name MisterChoc, claimed that he used OpenAI’s chatbot ChatGPT to identify the flaw within seconds of its occurrence.

Despite ChatGPT’s efficient bug detection, there are ongoing concerns regarding the use of such AI-powered systems for auditing and writing code. These tools may identify bugs, but there exists the possibility that they may also create more bugs than they find, a scenario that could be disastrous for novice coders looking to develop their projects.

In response to this blowout, the Banana Gun team has decided on a “way forward” plan. They propose the sale of the treasury wallet to drain the liquidity pool, which could then be utilized for a new contract. Additionally, they plan to relaunch the token with an airdrop as a measure to compensate the affected BANANA investors.

However, this raises a critical question; is the reliance on automated audits such as AI-auditing enough? Or, alternatively, is it time, given the increasing complexity of the token industry, to revaluate and strengthen the conventional auditing process? These unexpected hiccups within the crypto world highlight the need for a well-rounded, meticulous, and multifaceted validation process.

In parallel, an incremental popularity is noticed among degen traders for Telegram bot-enabled trading, majorly due to the heavy success by Unibot. These bot-enabled systems allow traders to capture new tokens swiftly and facilitate efficient airdrop hunting. Nonetheless, this incident serves as a stark reminder that despite the enticing flexibility and convenience that these systems might offer, there remains an undercurrent of risk that the users must always be aware of.

Source: Cointelegraph

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