Hackers have exploited a contract utilised by the cryptocurrency bot Unibot, resulting in the theft of approximately $US560,000 worth of meme coins from users.

The breach went undetected until October 31 when Scopescan, a blockchain security company, identified the hack and promptly notified affected users.

Scopescan advised users to revoke any approvals granted to the compromised contract and transfer their funds to a new wallet as a precautionary measure.

According to data from the platform, the hacker is currently converting the pilfered coins into Ether. The repercussions of this breach were felt within Unibot's market, causing a significant 42.7% drop in the price of its token within one hour.

Unibot confirmed the hack and disclosed pausing the affected router. The company pledged to compensate all users for any financial losses they incurred as a result of the incident.