Maestrobots, a popular group of cryptocurrency bots on the Telegram messenger app, recently faced a major setback in the form of a 280 Ether (ETH) attack. However, the Maestro team quickly responded to the situation by refunding the affected users and covering their losses with a total of 610 ETH from the platform’s own revenue. The refunded amount exceeded $1 million at the time of the announcement.
In an update on X (formerly Twitter) on October 25th, Maestrobots announced that every wallet that lost tokens in the exploit had received the full amount they lost. Some users even ended up with more tokens than they initially had. The team mentioned that the refunds were made in both affected tokens and ETH. For most of the exploited tokens, Maestro chose to buy and refund tokens instead of sending ETH as it was deemed the most fair and comprehensive refund solution. They spent 276 ETH to secure users’ tokens.
However, for two of the exploited tokens, Joe (JOE) and Lockheed Martin Inu (LMI), Maestro refunded users in ETH due to the lack of liquidity to repurchase the lost tokens. The team compensated the affected users with the ETH equivalent of their tokens and added a 20% bonus as a gesture of goodwill. These refunds amounted to 334 ETH. CertiK, a blockchain security firm, confirmed that it detected the transactions reflecting the compensation paid out by Maestro.
The refunds were initiated after Maestro reported that the MaestroRouter on the ETH mainnet had been compromised on October 24th. The attack allowed hackers to siphon approximately 280 ETH worth of exploited tokens, equivalent to around $485,000 at the time of the incident. Maestro was quick to respond and detected the attack within 30 minutes, removing the exploit promptly. Trading on the platform resumed shortly after, although tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap were temporarily halted.
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According to CertiK’s executive summary, a total of 106 user addresses were affected by the breach in Maestro’s smart contract. The tokens involved in the attack included LMI, JOE, Mog Coin (MOG), ApeSwap (BANANA), Oggy inu (OGGY), Jim (JIM), Liquid Protocol (LP), Real Smurf Cat (BSC), and Prophet (PROPHET), among others. Maestrobots informed Cointelegraph that most of these tokens had experienced a pump in value due to the anticipation that Maestro would buy the tokens, and they are still actively traded.
Maestro, also known as MaestroBots on X, is a Telegram bot that facilitates trades across three networks: Ethereum, BNB Chain, and Arbitrum. With a default transaction fee of 1%, the Maestro bot system comprises three different bots: the Maestro Whale Bot, the Maestro Sniper Bot, and the Maestro Wallet Bot. The Maestro Bots Hub Telegram channel has amassed over 100,000 subscribers, while the X account has more than 24,000 followers.
The incident involving Maestrobots highlights the constant need for vigilance and security measures in the cryptocurrency ecosystem. While the Maestro team handled the attack swiftly and compensated the affected users, it serves as a reminder for both users and platforms to prioritize security protocols and stay cautious to prevent future incidents. Investors and traders should remain cautious and perform due diligence before engaging in any cryptocurrency activities.
In conclusion, Maestrobots, a renowned group of cryptocurrency bots on Telegram, experienced a significant attack but responded swiftly by refunding affected users with their own revenue. The team covered the losses using 610 ETH, exceeding $1 million in value. Maestro refunded users in tokens and ETH, ensuring fairness and completeness. However, due to liquidity issues, two tokens were refunded in ETH instead of repurchasing the lost tokens. The attack was promptly detected and resolved, and trading on the platform resumed after a temporary halt. The incident highlights the importance of maintaining strong security measures in the cryptocurrency space.
