Maestrobots’ Generous 610 ETH Refund to Users After Smart Contract Exploit

by Oct 25, 2023CryptoNews0 comments

Maestrobots, a collective of cryptocurrency trading bots on the popular messaging app Telegram, has issued a remarkable 610 ETH refund to users affected by a significant exploit that occurred on October 24, involving a 280 ETH smart contract breach.

The Maestro team took swift action to address the situation, announcing on October 25 that they had refunded users impacted by the Maestro Router 2 contract compromise. This generous refund totaled 610 ETH and was drawn from Maestrobots’ own revenue, amounting to over $1 million at the time of this report.

In a statement, Maestro assured users that every wallet that lost tokens in the router exploit has now been made whole, with some even benefiting from receiving more than their initial losses. Notably, the team opted to repay some amounts in affected tokens and ETH. For nine of the 11 tokens affected by the exploit, Maestro chose to purchase and return tokens instead of ETH, as it was deemed the most equitable and comprehensive means of reimbursement, costing the team 276 ETH.

In the case of the other two exploited tokens, Joe (JOE) and Lockheed Martin Inu (LMI), users were refunded in ETH due to a lack of liquidity for repurchasing the lost tokens. These refunds were further sweetened with a 20% bonus as a gesture of goodwill, collectively amounting to 334 ETH.

CertiK, a reputable blockchain security firm, confirmed that they observed transactions reflecting the 334 ETH compensation paid out to users by Maestro.

The Maestro exploit transpired shortly after the team reported that their MaestroRouter on the Ethereum mainnet was compromised, enabling hackers to siphon approximately 280 ETH in exploited tokens, with a value of around $485,000 during the time of the incident. Maestro acted swiftly, identifying the attack within 30 minutes of its initiation and effectively removing the exploit. As a precaution, the platform temporarily halted trading on tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap.

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Importantly, Maestro assured its users that the security breach had not impacted their wallets; the attack was solely directed at the Router.

According to CertiK’s executive summary, the smart contract breach affected a total of 106 user addresses and a variety of tokens, including LMI, JOE, Mog Coin (MOG), ApeSwap (BANANA), Oggy inu (OGGY), Jim (JIM), Liquid Protocol (LP), Real Smurf Cat (BSC), and Prophet (PROPHET), among others. Many of these tokens demonstrated resilience and bounced back following the breach.

Maestro, also known as MaestroBots on the platform X (formerly Twitter), is a Telegram bot that facilitates trading across three networks: Ethereum, BNB Chain, and Arbitrum, all with a default transaction fee of 1%. The Maestro bot system consists of three distinct bots: the Maestro Whale Bot, the Maestro Sniper Bot, and the Maestro Wallet Bot. Their Telegram channel, Maestro Bots Hub, boasts over 100,000 subscribers, while their X account commands more than 24,000 followers.”

source :Cointelegraph

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