MaestroBots, a popular bitcoin trading bot on the Telegram IM service, has refunded subscribers who have been harmed by a recent smart contract hack.
On October 24, a total of 280 ETH was targeted in an incident.
In response, the Maestro team responded quickly to repay users affected by the Maestro Router 2 contract exploit. On October 25, the social media network X (previously Twitter) proclaimed its commitment to user security and trust.
MaestroBots set aside 610 ETH from their own revenue to compensate for all user losses. This figure had surpassed $1 million at the time of writing. “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 said in a statement.
MaestroBots chose to acquire and refund tokens instead of giving ETH for nine of the eleven abused tokens, judging it the most equal and complete reimbursement. MaestroBots spent 276 ETH to protect users’ tokens, displaying their dedication to user security.
Due to liquidity issues in buying back the lost tokens, the refund for the remaining two tokens, Joe (JOE) and Lockheed Martin Inu (LMI), was issued in ETH. MaestroBots upped the reimbursement sum by 20% to offer gratitude for the impacted users’ faith and support, resulting in a total cost of 334 ETH.
CertiK, a blockchain security firm, confirmed the transactions, verifying the 334 ETH compensation distributed by MaestroBots to consumers.
“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.” said Abbas Abou Daya, CEO of MaestroBots.
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Abou Daya went on to clarify why he chose to buy and refund tokens instead of simply delivering ETH for the majority of the impacted tokens, saying, “For 9 out of the 11 exploited tokens, we chose to buy and refund tokens instead of simply sending ETH because it’s the most equitable and complete refund we can offer for the incident. This gives full control back to the user (plus you can dump on our buys). We spent 276 ETH to secure our users’ tokens. For the other two tokens (JOE and LMI), there simply wasn’t enough liquidity to allow us to buy back the lost tokens, so we compensated affected users with the ETH equivalent of their tokens, and boosted that amount by 20% because you deserve it. These refunds cost 334 ETH.”
Abou Daya went on to praise the speed with which the incident was handled, saying, “Overall, the full refund campaign concluded a mere 10 hours after the exploit. These refunds cost us a total of 610 ETH (~$1.1M), but it’s a small price to pay to ensure your safety and peace of mind.”
The MaestroBot team is dedicated to user safety: “Team Maestro apologizes for the error. We hold ourselves to a higher standard. That being said, the exploit was fully shut down within 30 minutes, trading capabilities were restored within 2 hours, and full refunds were issued within 10 hours. Anyone who was affected was made whole. Maestro: Router 2 is now completely safe.
We hope that the swiftness of our response, paired with the completeness of the offered refund, can serve as a powerful reminder of our continued commitment to do right by our users.”
Following the incident’s rapid response and resolution, CertiK, a blockchain security organization, validated the safety and integrity of Maestro: Router 2.
MaestroBots Information
MaestroBots is the largest cryptocurrency trading Telegram bot, providing a wide range of services across the Ethereum, BNB Chain, and Arbitrum networks. The platform prioritizes user security and has demonstrated its dedication to protecting user assets by quickly addressing and resolving the recent smart contract exploit.
