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Telegram's Maestro Bot Reimburses 610 ETH to Affected Users

Key Takeaways

  • Maestrobots has compensated users affected by a recent security exploit with a total payout of 610 ETH, worth over $1 million.
  • The company chose to buy back the affected tokens whenever possible, aiming for the most "equitable and complete refund."
  • Blockchain security firm CertiK has verified the 334 ETH paid out in refunds, and Maestro has confirmed that no individual wallets were compromised in the attack.
Telegram's Maestro Bot Reimburses 610 ETH to Affected Users

Maestrobots, the creators of a series of cryptocurrency trading bots on Telegram, have fully compensated users affected by a recent security exploit. A sum of 610 Ether (ETH), valued at more than $1 million at the time of the announcement, was disbursed to users to cover their losses.

After the Maestro Router 2 contract was exploited on October 24th, the Maestro team acted swiftly to rectify the situation. They identified the breach within half an hour of its occurrence and eliminated the exploit.

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It is worth noting that trading activities were briefly suspended on platforms like SushiSwap, ShibaSwap, and ETH PancakeSwap before resuming.

The announcement on Maestro's platform revealed:

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.

The company spent 276 ETH to repurchase and return nine out of the 11 affected tokens, opting for this approach as "it's the most equitable and complete refund" they could provide.

In cases where the tokens could not be repurchased due to liquidity issues, users were compensated in ETH. Maestro boosted the ETH equivalent of the affected users' tokens by 20%, which cost the firm 334 ETH in total.

The Maestro team also emphasized that no individual wallets were compromised in this exploit, stating:

This was purely directed at the Router.

The exploit impacted a total of 106 user addresses involving various tokens like LMI, JOE, Mog Coin (MOG), and others.

A Maestrobots spokesperson told media outlets that most of the affected tokens have recovered in value, partly due to the expectation that Maestro would repurchase them. 

The prompt action taken by the Maestro team has led to the full reimbursement of affected users, thereby restoring confidence in their trading bots. With the issue resolved and trading activities resumed, Maestro continues to serve its community of over 100,000 Telegram channel subscribers.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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