Maestrobots, a popular cryptocurrency trading bot group, has completed the refund process for users affected by a recent exploit on its Maestro Router 2 contract on the Ethereum blockchain.
The group announced this development officially in a post on social media platform X on October 25, 2023. Maestrobots confirmed that it has fully compensated users and returned over 610 ETH (equivalent to more than $1 million) to those impacted by the router exploit that occurred on October 24.
???? Wrapping up the Exploit Saga
➡️ First things first:
Maestro: Router 2 was exploited about 10 hours ago on ETH Mainnet, and some tokens (not ETH) were siphoned away. Within 30 minutes of the start of the attack, our team identified and fully removed the exploit. If you’re…
— Maestro???????? (@MaestroBots) October 25, 2023
The hackers exploited an exposed function in the platform’s router, and siphoned tokens from users. Maestrobots was able to detect the attack within 30 minutes and replaced the compromised router’s implementation with a Counter contract.
However, the exploit resulted in the loss of tokens worth about 280 ETH, valued at approximately $485,000 at the time.
In their announcement, Maestrobots emphasized their commitment to their users, assuring that every wallet that suffered losses due to the router exploit has been completely reimbursed and that some users received even more tokens than they initially had.
Maestrobots decided to repurchase and refund tokens for nine out of the 11 exploited tokens. They spent 276 ETH to safeguard users’ tokens. As for the remaining two tokens, JOE and LMI, refunds were issued in ETH, along with an additional 20% bonus, totaling 334 ETH in compensation. The group explained that this was the fairest way to provide comprehensive compensation for their users.
During the resolution of the incident, Maestrobots temporarily suspended trading for tokens on platforms like SushiSwap, ShibaSwap, and PancakeSwap but resumed trading activities after confirming that the security breach was resolved. The whole incident was resolved,including the refund process, was completed within an impressive 10 hour period.
According Maestrobots’s announcement, they compensated the affected the users in this manner because they “deserve it.”
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