MaestroBots Takes Swift Action to Refund Users After Smart Contract Exploit
MaestroBots, a popular cryptocurrency trading bot on the Telegram messenger app, has acted quickly to refund users affected by a recent smart contract exploit. On October 24, a total of 280 ETH was targeted in the incident.
In response, the Maestro team immediately took steps to refund the impacted users. They announced their commitment to user security and trust on social media platform X (formerly Twitter) on October 25.
To cover all user losses, MaestroBots allocated 610 ETH from its own revenue, which currently exceeds $1 million. The statement from MaestroBots assured users that every wallet that lost tokens in the exploit has received the full amount they lost.
Buying and Refunding Tokens for User Safety
For nine out of the 11 exploited tokens, MaestroBots chose to buy and refund tokens instead of sending ETH. They spent 276 ETH to secure users’ tokens, demonstrating their dedication to user safety.
However, due to liquidity constraints in buying back the lost tokens of Joe (JOE) and Lockheed Martin Inu (LMI), the refund for these two tokens was issued in ETH. To show appreciation for affected users’ trust and support, MaestroBots increased the refund amount by 20%, resulting in a total cost of 334 ETH.
The transactions were verified by CertiK, a blockchain security firm, confirming that MaestroBots disbursed 334 ETH as compensation to users.
A Commitment to User Safety and Peace of Mind
Abbas Abou Daya, CEO of MaestroBots, emphasized the company’s refusal to expose users to bad actors. He stated that refunding every single user affected by the exploit was the only right option. He also highlighted the choice to buy and refund tokens for most of the affected tokens, giving full control back to the users.
The full refund campaign concluded just 10 hours after the exploit, costing MaestroBots a total of 610 ETH (~$1.1M). Abou Daya 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.
About MaestroBots
MaestroBots is a leading Telegram bot for cryptocurrency trading, offering services across various networks. The platform prioritizes user security and has demonstrated its commitment to protecting user assets by promptly addressing and resolving the recent smart contract exploit.
For more information about MaestroBots, please visit their .
Hot Take: MaestroBots Ensures User Security Through Swift Response and Complete Refunds
MaestroBots has shown its dedication to user safety by taking immediate action to refund users affected by a smart contract exploit. With a commitment to transparency and trust, MaestroBots refunded all users who lost tokens in the incident, going above and beyond by buying and refunding tokens for most of the affected tokens.
The company’s swift response, shutting down the exploit within 30 minutes and restoring trading capabilities within 2 hours, demonstrates their commitment to ensuring user peace of mind. By allocating a substantial sum from their own revenue to cover losses, MaestroBots has proven its dedication to protecting user assets.
CertiK’s verification of the transactions further confirms the safety and integrity of MaestroBots. This incident serves as a reminder of MaestroBots’ continued commitment to prioritizing user security and doing right by their users.
By
By
By
By
