Maestrobots Reimburses Users Following 280 Ether Attack, Fully Covers Losses
Summary:
After a 280 Ether (ETH) attack, cryptocurrency bot group Maestrobots is reimbursing its Telegram users. The losses, incurred due to an issue with a contract, have been entirely covered using 610 ETH from the Maestro team's revenue. They opted to purchase and return a majority of the exploited tokens, instead of providing ETH, while the remaining compromised tokens' users were refunded in ETH. The security breach, which allowed hackers to drain about 280 ETH, was quashed within 30 minutes and led to the temporary halting of tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap.
Cryptocurrency bot group, Maestrobots, operating on the messaging platform Telegram, is reimbursing users following a 280 Ether (ETH) attack. The team at Maestro have paid back the users who were impacted by an issue with the Maestro Router 2 contract, as officially stated on X (previously known as Twitter) on Oct. 25. The data reveals that Maestrobots returned 610 ETH from their earnings to completely cover user losses, a value exceeding $1 million in current rates.
Maestro assured that every victim of the router exploit has been fully compensated for their losses, with some users receiving even greater sums. The Maestro group explained that certain reimbursements were done through affected tokens and ETH. For a majority of the exploited tokens (9 of 11), Maestro opted to purchase and return tokens in lieu of sending ETH, aiming to provide the fairest and most comprehensive refund possible. They wrote, “We expended 276 ETH to ensure the safety of our users' tokens."
When it came to the remaining exploited tokens, which included JOE and LMI, Maestro refunded in ETH, attributing this decision to an absence of liquidity to repurchase lost tokens. Maestro stated: “As such, we compensated the impacted users with ETH equivalents of their tokens and even added a 20% bonus, because they deserve it. This cost us an additional 334 ETH."
Blockchain security company, CertiK, verified for Cointelegraph that the transactions for the 334 ETH reimbursements to affected users were indeed carried out by Maestro. These refunds were executed quickly following a reported security breach of the MaestroRouter on the ETH mainnet on Oct. 24. This breach enabled hackers to drain approximately 280 ETH in exploited tokens, worth approximately $485,000 at the time of the hack. The Maestro team claimed they discovered and neutralized the attack within half an hour of it commencing, and were able to get trading back on track shortly after. The only temporary stoppages were for tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap.
Maestro clarified: "Wallets were never at risk during this incident. The attack was squarely aimed at the Router." CertiK's executive summary showed that Maestro's smart contract violation impacted a total of 106 user addresses, and affected tokens included MOG, LMI, JOE, BANANA, OGGY, JIM, ETF, LP, APU, Real Smurf, Cat and PROPHET.
Maestro, also known as MaestroBots on X, operates as a bot system on Telegram and transacts across three networks including Ethereum, BNB Chain, and Arbitrum. The company charges a standard transaction fee of 1% and consists of three different bots: Maestro Whale Bot, Maestro Sniper Bot, and Maestro Wallet Bot. There are currently more than 100,000 subscribers on the Maestro Bots Hub Telegram channel, while its X account has over 24,000 followers.
Published At
10/25/2023 10:51:00 AM
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