A Telegram crypto trading bot earned about $5 million in commission in May alone after investors allowed it access to their crypto wallets.

Crypto Telegram bot Maestro earned over $4.8 million in May commissions by following indicators from DefiLlama. It previously earned $1.4 million in April.

BeInCrypto Warns Against Revealing Keys

Maestro offers copy trading through buying tokens on decentralized exchanges, tracking wallets, and following trading signals. It charges a 1% commission on successful transactions after a connected Wallet reaches about 0.1 ETH.

BeInCrypto’s editors found that the bot offers options to create a new wallet from scratch or import an existing one on Ethereum and BNB Chain. The user must supply the bot with their private key for signing transactions.

Accordingly, both options expose private data and can result in the project’s developers deducting 100% of the wallet’s balance as commission. BeInCrypto’s editorial board strongly cautions readers against disclosing Private Wallet Keys protecting a significant amount of crypto.

In addition to the keys, trading bot users must also deanonymize themselves by revealing their IP addresses through automatic verification.

Telegram Offers Many Trading Bots Requiring Verification

Notably, Telegram previously deployed several bots for cryptocurrency trading. The messenger service lets you buy crypto through a @wallet bot that uses your bank card. The user will need to pass verification.

BeInCrypto’s editorial team previously compiled a selection of cryptocurrency Telegram channels worth community members’ attention.

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