Maestro, a popular Telegram bot that allows users to trade cryptocurrencies across multiple networks, has refunded all the users who lost funds in a recent smart contract breach.
On Oct. 24, hackers exploited a vulnerability in the MaestroRouter contract on the Ethereum mainnet and stole around 280 ETH (worth about $485,000 at the time) in various tokens. The Maestro team detected the attack within 30 minutes and removed the exploit. They also temporarily halted trading for tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap.
The Team Behind Maestro Were Quick to Take Action
The team announced on X that they have paid back all the affected users with their own revenue, totaling 610 ETH (more than $1 million). They said that they bought back and refunded most of the tokens, except for JOE and LMI, which had low liquidity. For those tokens, they compensated users with ETH equivalent plus 20% extra.
🌟 Wrapping up the Exploit Saga
➡️ First things first:
Maestro: Router 2 was exploited about 10 hours ago on ETH Mainnet, and some tokens (not ETH) were siphoned away. Within 30 minutes of the start of the attack, our team identified and fully removed the exploit. If you're…
— Maestro🤖🤖 (@MaestroBots) October 25, 2023
The Maestro team said that no wallets were compromised during the attack and that they have resumed normal operations. They also thanked the community for their support and trust.
Maestro is a group of three bots on Telegram that facilitate trades across Ethereum, BNB Chain, and Arbitrum networks. The bots charge a default fee of 1% per transaction. The bots are Maestro Whale Bot, Maestro Sniper Bot, and Maestro Wallet Bot. The Maestro Bots Hub Telegram channel has over 100,000 subscribers, while its X account has more than 24,000 followers.
The hack and refund of Maestro is one of the latest incidents in the crypto space that demonstrate both the risks and opportunities of decentralized finance (DeFi). While hackers can exploit smart contract flaws and steal funds, some projects can also show responsibility and transparency by compensating their users and restoring trust.