“Maestrobots showcases its commitment to user satisfaction and security by reimbursing over $1 million to affected users following an Ethereum router exploit, reinforcing trust and transparency in the crypto world.”
Maestrobots, a popular cryptocurrency trading bot group, has successfully 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 on social media platform X on October 25, 2023.
The hackers exploited an exposed function in the platform’s router and siphoned tokens from users. However, Maestrobots was quick to detect the attack within 30 minutes and replaced the compromised router’s implementation with a Counter contract.
Despite the exploit resulting in the loss of tokens worth about 280 ETH (approximately $485,000), Maestrobots has fully reimbursed every wallet that suffered losses due to the router exploit. In fact, some users received even more tokens than they initially had.
To ensure comprehensive compensation for their users, Maestrobots decided to repurchase and refund tokens for nine out of the 11 exploited tokens. They spent 276 ETH to safeguard users’ tokens. For the remaining two tokens, JOE and LMI, refunds were issued in ETH, along with an additional 20% bonus, totaling 334 ETH in compensation.
During the incident resolution, Maestrobots temporarily suspended trading for tokens on platforms like SushiSwap, ShibaSwap, and PancakeSwap. However, after confirming that the security breach was resolved, they resumed trading activities. The entire incident, including the refund process, was completed within an impressive 10-hour period.
Maestrobots emphasized their commitment to their users, stating that they deserved the compensation. They have taken swift action to address the exploit and ensure the safety of their users’ funds.
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