Rug pull protection telegram bot
In the dynamic world of decentralized finance, the promise of high returns is often shadowed by the risk of different scams including the rug pulls. Rug pull is a malicious maneuver in the cryptocurrency world where crypto developers abandon a project and run away with investors’ funds. This type of fraud has surged in prevalence, with 2023 seeing substantial losses to these scams. Specifically, rug pulls alone caused a staggering at least $388 million in losses. Hackless emerges as a pivotal solution, offering a Telegram bot uniquely designed to guard DeFi participants on BNB network and Ethereum network (in the coming updates) from these detrimental losses. We named it RPG which doubles as an acronym for “Rug Pull Guard” while also evoking thoughts of reliability and defense, much like the term “RPG” in gaming denotes “Role-Playing Game” where strategy and protection are key elements.
The Hackless RPG represents a significant advancement in DeFi security. It’s the only bot that utilizes MEV technologies in conjunction with private mining. This unique approach allows the bot to detect potential rug pulls and react instantly by executing transactions outside of the public mempool. This method ensures that the transaction to sell the user’s position is processed swiftly and discreetly, significantly reducing the risk of front-running and mempool congestion delaying the transaction during a rug pull event.
HOW THE BOT WORKS: THE WORKFLOW
User Onboarding:
- Users start by interacting with the bot, choosing to either import their existing wallet or allow the bot to create a new one.
- If the wallet is new, the user needs to deposit native currency on it.
- They select their preferred network where their assets are located.
- Users need to provide the address of the pair of the asset they want to track.
- Users choose the amount of assets that will be realized if the rug pull action is spotted.
Monitoring and Detection:
- The bot continuously analyzes patterns and indicators across chosen pairs, looking for signs of a potential rug pull.
- It employs real-time analytics to monitor transactions in public mempool.
Rug Pull Response:
- Upon detecting a potential rug pull, the bot leverages MEV technology to formulate a private transaction, initiating the sale of the at-risk assets.
- This process circumvents the public mempool, reducing the risk of delays or exploitation by malicious actors.
Private Transaction Execution:
- Utilizing private mining, the bot ensures the transaction’s swift inclusion in the blockchain.
- This approach secures the user’s assets, selling them before the rug pull’s impact materializes fully.
We invite interested individuals to learn more about how this technology works and consider whether it could play a role in enhancing their DeFi activities. For those who wish to explore the capabilities of the Hackless bot, we welcome you to try out our bot and experience it firsthand. Your feedback and participation are invaluable as we continue to refine our tools to better serve the DeFi community.
