April 19, 2024
Maestro Trading Bot Refunds 610 ETH to Users After Router Exploit on Telegram
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Maestro Trading Bot Refunds 610 ETH to Users After Router Exploit on Telegram

Maestrobots, a group of cryptocurrency bots on the Telegram messenger app, is providing refunds to users after suffering a 280 Ether attack. The Maestro team announced on X (formerly Twitter) on Oct. 25 that they have refunded users affected by the Maestro Router 2 contract. According to the announcement, Maestrobots used 610 ETH from their own revenue to cover all user losses, which equated to over $1 million at the time of the announcement.

“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,” Maestro stated. The team explained that they refunded some amounts in the affected tokens and ETH. For nine of the 11 exploited tokens, Maestro opted to buy and refund the tokens instead of sending ETH because it was considered the fairest and most comprehensive way to provide refunds. Maestro added, “We spent 276 ETH to secure our users’ tokens.”

Regarding the other two exploited tokens, Joe (JOE) and Lockheed Martin Inu (LMI), Maestro refunded users in ETH due to a lack of liquidity to buy back the lost tokens. The announcement mentioned that they compensated affected users with the equivalent ETH value of their tokens, with an additional 20% as a gesture of goodwill. These refunds amounted to 334 ETH.

CertiK, a blockchain security firm, confirmed that it had detected the transactions showing the 334 ETH compensation paid to Maestro’s users.

The refunds were initiated following an attack on MaestroRouter on the ETH mainnet on Oct. 24, during which hackers siphoned around 280 ETH in exploited tokens, valued at approximately $485,000 at the time of the attack. Maestro reported that they identified the attack within 30 minutes and fully removed the exploit. They also quickly resumed trading, temporarily halting tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap. Maestro clarified that the attack was directed solely at the Router and did not compromise users’ wallets.

CertiK’s executive summary noted that the smart contract breach affected a total of 106 user addresses, involving tokens like LMI, JOE, Mog Coin (MOG), ApeSwap (BANANA), Oggy inu (OGGY), Jim (JIM), Liquid Protocol (LP), Real Smurf Cat (BSC), and Prophet (PROPHET), among others.

Maestro, also known as MaestroBots on X, operates as a Telegram bot facilitating trades across three networks: Ethereum, BNB Chain, and Arbitrum, with a default transaction fee of 1%. The Maestro bot system comprises three different bots: the Maestro Whale Bot, the Maestro Sniper Bot, and the Maestro Wallet Bot. Their Telegram channel, Maestro Bots Hub, has over 100,000 subscribers, while their X account has more than 24,000 followers.

Image by pch.vector on Freepik

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