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MaestroBots Refunds 610 ETH To Affected Users Following Attack On Its Smart Contract 4m ago by zycrypto.com

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MaestroBots, a cryptocurrency trading bot on Telegram recently took action to refund its users a total of 610 ETH following an attack on its smart contract.

The exploit happened on October 24 2023, when the attack targeted 280 ETH on the Maestro Router 2 contract. Upon noting the attack, the MaestroBots team took action and managed to fully shut down the attack within 30 minutes. The team also managed to restore trading capabilities within 2 hours and refund affected users on October 25 (10 hours later).

Reportedly, a total of 11 tokens were exploited. From the 11 exploited tokens, MaestroBots bought and refunded 9 tokens instead of sending ETH. The team deemed this approach the most equitable and comprehensive refund measure, spending a total of 276 ETH. For the remaining 2 tokens, namely, Lockheed Martin Inu (LMI) and Joe (JOE) the team opted to send ETH due to liquidity constraints in buying back the lost tokens. To further support these affected users, MaestroBots also increased the refund amount by 20%. The team spent 334 ETH in refunding these two tokens, bringing the total spent to 610 ETH.

Commenting on the attack and the refund, Abbas Abou Daya, CEO of MaestroBots, stated:

“We absolutely refuse to expose our users to such bad actors, and we needed to do right by the few who were affected. The only right option was refunding every single user to the absolute best of our ability. Every wallet that lost tokens in the router exploit has now received the full amount they lost. Some of you ended up with even bigger bags.”

MaestroBots mission is to make trading easier for all users. Since its launch, the platform has offered a wide range of services across Binance Smart Chain, Ethereum, and Arbitrum networks.

Maestro aims to provide a suite of crypto-related tools for Telegram users. MaestroBots hopes to create an ecosystem that satisfies crypto enthusiast needs directly on Telegram, the flagship crypto platform. The platform is best known for three main bots, namely the whale bot, the revolutionary multi-chain (BSC + ETH)  snipper bot, and the wallet bot. The snipper bot does all the heavy lighting for users offering them access to trading terminals with high-end functions, anti-rug protection, and effortless pink sale presale entry. The Maestro whale bot allows users to receive instant notifications on whale transactions directly in Telegram while the wallet trader bot allows users to keep an eye on crypto balances in ETH and BSC wallets on Telegram. 

For more information about MaestroBots, please visit https://www.maestrobots.com/.