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Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/solareumprojectprivatekeyexploit.php}} {{Unattributed Sources}} thumb|Solareum Project Logo/GraphicsThe Solareum Project promised a set of trading tools for users to ensure private and efficient trading through their Telegram-based wallet. As part of the operation, users would provide Solareum with their private keys to store in a secure environment with AES512 encrypt..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/solareumprojectprivatekeyexploit.php}}
{{Unattributed Sources}}

[[File:Solareumproject.jpg|thumb|Solareum Project Logo/Graphics]]The Solareum Project promised a set of trading tools for users to ensure private and efficient trading through their Telegram-based wallet. As part of the operation, users would provide Solareum with their private keys to store in a secure environment with AES512 encryption. Around the end of March 2023, users started to report that all of their funds had been drained from their wallets, consistent with an attacker who knew the private key. The Solareum Project has shut down, denying all allegations that they took the funds, and refusing to assist users beyond claims of reporting wallet addresses to centralized exchanges.

This is a global/international case not involving a specific country.<ref name="slowmisthackedarchive-13372" /><ref name="solareumbot-13384" /><ref name="solareumbot-13385" /><ref name="reddit-13386" />

== About Solareum Project ==
"Solareum Bot - Unlock access to cutting-edge crypto Telegram bots and token trading tools, complete with a profit-sharing feature for an enriched trading experience!"

"Faster Bots: Utilize rapid RPCs for instantaneous fetching. Dedicated process runner for every client ensures no lags or bottlenecks, providing seamless trading experiences."

"MEV (Miner Extractable Value) Protection: Secure your transactions from potential malicious activities. Achieve optimal trade execution without the fear of being front-run or having your transactions reordered."

"Bundle Transactions: Ideal for users with multiple wallets, this feature allows for the simultaneous sniping across various wallets. Ensures more extensive coverage and higher chances of securing the best trades."

"Private Transactions: Your privacy is our utmost concern. Execute trades without revealing your strategies or moves to the public, ensuring your transactions remain confidential and your trading strategies proprietary."

"With "Solareum Bot" you're not just using another trading tool; you're experiencing the future of crypto trading, designed to maximize profits, enhance privacy, and optimize user experience."

"Solareum Bot offers a revenue share program, which allows token holders to earn 60% of the fees paid to the bot."

"Just hold at least 5,000 $SOLAREUM token in the wallet. All eligible wallet will be qualified. Snapshot will be taken randomly during the week. Profits will be distributed towards users proportionally every Sunday. Any users who sell after the snapshot is taken won't be getting any revenue share."

"When you wish to send a transaction on any blockchain, you generate a transaction message that contains data like the recipient's address, the amount to be transferred, and other relevant details.

You sign the transaction with your private key to protect its integrity and legitimacy. Blockchains guarantee that only the owner of the private key may authorise and verify transactions linked with their wallet by requiring a private key to sign a transaction.

Solareum Bot needs a private key to buy, approve, sell, copy trade, and snipe. Your private key serves as a signer for Solareum Bot's transactions.

Metamask, which uses your browser's data storage to store your encrypted private keys, is a plausible comparison. Solareum Bot takes your encrypted private key from the safe environment, decrypts it internally, executes the job you've assigned it, then deletes the key from its cache for each activity that needs a private key.

Even without a wallet, you may use Solareum Bot as a research tool; however, functionality will be restricted to pasting and obtaining information regarding smart contracts."

"A: All of your wallet information is AES512 encrypted and stored in a secure environment."

"A: Solareum Bot research and design began in March 2023, active development began in April 2023, beta version was released on July 2023"

"SolareumWallet is designed to redefine the way Telegram users manage and interact with their cryptocurrency portfolios. Meticulously crafted to cater to both novice and expert users, this solution encapsulates versatility, security, and efficiency."

"When a user is new to Solareum Bot, it automatically creates a new wallet and sends the private key. This cannot be generated again, and wallets cannot be unlinked from Telegram accounts. The newly created wallet will support all available chains in Solareum Bot. Users can copy and utilize the private key just by clicking on it. While this private key can be imported to any wallet providers, such as MetaMask, we suggest users avoid doing so manually because our codebase contains all necessary functions and tracks the activities of these wallets used by Solareum Bot."

"Solareum, a Solana-based trading bot on Telegram, has announced it will be closing down.

The decision has been made due to the project's funding challenges and a security breach, which was tied to a drain of over 2,800 Solana (SOL), equivalent to approximately $520,000, affecting over 300 users."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Solareum Project Private Key Exploit
!Date
!Event
!Description
|-
|March 30th, 2024 11:55:00 AM MDT
|Project Closure Tweet
|The Solareum wallet announces their closure over Twitter.
|-
|April 2nd, 2024 4:15:39 AM MDT
|Reddit Post
|Discussion on Reddit about the incident.
|-
|April 2nd, 2024 12:43:19 PM MDT
|CryptoNews Article
|CryptoNews publishes an article about the situation.
|-
|April 2nd, 2024 11:48:54 PM MDT
|YouTube Video
|A video is uploaded to YouTube covering the news.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $520,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="slowmisthackedarchive-13372">[https://web.archive.org/web/20240426182110/https://hacked.slowmist.io/?c=&page=2 SlowMist Hacked - SlowMist Zone] (Apr 26, 2024)</ref>

<ref name="solareumbot-13384">[https://solareum-bot.gitbook.io/solareum-bot Introduction | Solareum Bot] (Apr 29, 2024)</ref>

<ref name="solareumbot-13385">[https://solareum-bot.gitbook.io/solareum-bot/solareum/frequently-asked-questions-faq Frequently Asked Questions (FAQ) | Solareum Bot] (Apr 29, 2024)</ref>

<ref name="reddit-13386">[https://www.reddit.com/r/solana/comments/1btv44s/solareum_a_solanabased_trading_bot_on_telegram/ https://www.reddit.com/r/solana/comments/1btv44s/solareum_a_solanabased_trading_bot_on_telegram/] (Apr 29, 2024)</ref></references>

Solareum Project Private Key Exploit - Revision history