Crypto Trading Bots Are Taking Over Telegram
- New type of bots make it easier to trade less-known crypto
- Possible vulnerabilities around security, privacy create risks
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This year’s rebound in cryptocurrencies is turning messaging platform Telegram into an unlikely marketplace for small traders fearful of missing out on the rally.
A new generation of trading bots, built mainly by anonymous developers, have become favorites among traders seeking to gain access to the wild west of cryptocurrencies: decentralized finance. Their popularity has escalated recently as altcoins have rallied sharply. Tokens tied to automated software programs have more than doubled in market value in just a week to exceed $241 million, according to CoinGecko data.