Vancouver, BC, Canada, November sixth, 2023, Chainwire
MaestroBots, a distinguished cryptocurrency buying and selling bot on the Telegram messenger app, has swiftly taken motion to refund customers affected by a latest good contract exploit. In an incident that unfolded on October 24, 280 ETH was focused.
In response, the Maestro staff took rapid motion to refund the customers impacted by the Maestro Router 2 contract exploit. This dedication to consumer safety and belief was introduced on social media platform X (previously Twitter) on October 25.
MaestroBots allotted a considerable sum of 610 ETH from its personal income to cowl all consumer losses. On the time of writing, this sum exceeded $1 million. The assertion from MaestroBots learn, “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.”
For 9 out of the 11 exploited tokens, MaestroBots opted to purchase and refund tokens as an alternative of sending ETH, deeming it probably the most equitable and complete refund. MaestroBots spent 276 ETH to safe customers’ tokens, demonstrating their dedication to consumer security.
For the remaining two tokens, Joe (JOE) and Lockheed Martin Inu (LMI), the refund was issued in ETH due to liquidity constraints in shopping for again the misplaced tokens. To specific appreciation for the affected customers’ belief and assist, MaestroBots elevated the refund quantity by 20%, leading to a complete price of 334 ETH.
CertiK, a blockchain safety agency, verified the transactions, confirming the 334 ETH compensation disbursed to customers by MaestroBots.
Abbas Abou Daya, CEO of MaestroBots, mentioned, “We absolutely refuse to expose our users to such bad actors, and we needed to do right by the few who were affected. The only right option was refunding every single user to the absolute best of our ability. 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.”
Abou Daya additional defined the selection to purchase and refund tokens for many of the affected tokens, stating, “For 9 out of the 11 exploited tokens, we chose to buy and refund tokens instead of simply sending ETH because it’s the most equitable and complete refund we can offer for the incident. This gives full control back to the user (plus you can dump on our buys). We spent 276 ETH to secure our users’ tokens. For the other two tokens (JOE and LMI), there simply wasn’t enough liquidity to allow us to buy back the lost tokens, so we compensated affected users with the ETH equivalent of their tokens, and boosted that amount by 20% because you deserve it. These refunds cost 334 ETH.”
Abou Daya went on to spotlight the fast response to the incident, stating, “Overall, the full refund campaign concluded a mere 10 hours after the exploit. These refunds cost us a total of 610 ETH (~$1.1M), but it’s a small price to pay to ensure your safety and peace of mind.”
The MaestroBot staff is dedicated to consumer security, “Team Maestro apologizes for the error. We hold ourselves to a higher standard. That being said, the exploit was fully shut down within 30 minutes, trading capabilities were restored within 2 hours, and full refunds were issued within 10 hours. Anyone who was affected was made whole. Maestro: Router 2 is now completely safe.
We hope that the swiftness of our response, paired with the completeness of the offered refund, can serve as a powerful reminder of our continued commitment to do right by our users.”
CertiK, a blockchain safety agency, confirmed the protection and integrity of Maestro: Router 2 following the swift response and determination of the incident.
MaestroBots is the main Telegram bot for cryptocurrency buying and selling, providing a variety of providers throughout Ethereum, BNB Chain, and Arbitrum networks. The platform prioritizes consumer safety and is dedicated to safeguarding consumer property by promptly addressing and resolving the latest good contract exploit.
For extra details about MaestroBots, please go to https://www.maestrobots.com/
Abbas Abou Daya