MaestroBots Takes Swift Action to Refund Users Affected by Smart Contract Exploit
MaestroBots, a well-known cryptocurrency trading bot on Telegram, has taken immediate action to refund users who were impacted by a recent smart contract exploit. The incident occurred on October 24 and resulted in the loss of 280 ETH.
To prioritize user security and trust, the Maestro team announced on social media platform X (formerly Twitter) on October 25 that they would refund the affected users. They allocated a substantial amount of their revenue, 610 ETH (over $1 million), to cover all losses. The statement from MaestroBots assured users that every wallet that lost tokens in the exploit has now received the full amount they lost.
Buying and Refunding Tokens to Ensure Equitable Compensation
In order to provide the most equitable and comprehensive refund, MaestroBots decided to buy and refund tokens for nine out of the 11 exploited tokens, using 276 ETH from their funds. This demonstrates their commitment to user safety. However, for two tokens (JOE and LMI), they issued refunds in ETH due to liquidity constraints in buying back the lost tokens. To show appreciation for affected users’ trust and support, MaestroBots increased the refund amount by 20%.
The transactions were verified by CertiK, a blockchain security firm, confirming the 334 ETH compensation disbursed to users by MaestroBots.
CEO Emphasizes Commitment to User Safety
Abbas Abou Daya, CEO of MaestroBots, expressed their refusal to expose users to bad actors and their determination to do right by those affected. He explained that buying and refunding tokens was chosen as the best option for most of the affected tokens, giving full control back to the users. Abou Daya highlighted the quick response to the incident, with the full refund campaign concluding just 10 hours after the exploit.
MaestroBots’ Commitment to User Safety
Team Maestro apologized for the error and assured users that the exploit was fully shut down within 30 minutes, trading capabilities were restored within 2 hours, and full refunds were issued within 10 hours. CertiK confirmed the safety and integrity of Maestro: Router 2 following the incident.
MaestroBots is a leading Telegram bot for cryptocurrency trading, prioritizing user security. They offer services across multiple networks and have demonstrated their commitment to safeguarding user assets by promptly addressing and resolving the recent exploit.
For more information about MaestroBots, please visit https://www.maestrobots.com/
Hot Take: MaestroBots Refunds Users Affected by Smart Contract Exploit
MaestroBots has shown its dedication to user safety by taking swift action to refund users impacted by a smart contract exploit. With a commitment to transparency and security, MaestroBots allocated over $1 million to cover all losses. By buying and refunding tokens for most of the affected tokens, they ensured an equitable compensation process. Although liquidity constraints prevented them from buying back two tokens, they issued refunds in ETH along with a 20% increase in value as a gesture of appreciation. The quick response and resolution of the incident demonstrate MaestroBots’ commitment to doing right by its users.
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