MaestroBots Secures User Trust with Full Refund After Exploit

In the wake of a smart contract exploit targeting MaestroBots, a well-known cryptocurrency trading bot on Telegram, the company has demonstrated its commitment to user trust and security by issuing a full refund to the affected parties. On October 24, an exploit of the Maestro Router 2 contract led to the unauthorized withdrawal of 280 ETH, prompting immediate action from the Maestro team.

The response was swift and decisive. MaestroBots announced via social media platform X on October 25 their intention to reimburse users, drawing from their own revenue to provide a substantial 610 ETH in refunds, an amount surpassing $1 million at the time of the announcement. The company’s statement emphasized their dedication to making users whole, with some recipients receiving even more than what they lost due to the exploit.

In a move to ensure fairness and completeness, MaestroBots purchased and refunded the actual tokens for nine of the eleven affected tokens, spending 276 ETH in the process. This approach not only restored users’ holdings but also allowed them the freedom to manage their assets as they saw fit.

For the two remaining tokens, Joe (JOE) and Lockheed Martin Inu (LMI), liquidity issues necessitated a refund in ETH. In a gesture of goodwill, MaestroBots augmented these refunds by an additional 20%, resulting in a total expenditure of 334 ETH for these tokens.

Blockchain security firm CertiK confirmed the legitimacy of the transactions, validating the 334 ETH compensation distributed to the affected users. Abbas Abou Daya, CEO of MaestroBots, underscored the company’s zero-tolerance policy for exposing users to malicious entities and the importance of rectifying the situation fully and promptly.

Abou Daya elaborated on the decision to purchase tokens for the refund, highlighting the company’s priority to provide the most equitable solution possible. For JOE and LMI, the enhanced ETH refund was a necessary and deserved compensation for the affected users.

The CEO took pride in the rapid resolution of the incident, with the entire refund process concluding within ten hours of the exploit. This quick turnaround and the significant cost of 610 ETH underscored the company’s dedication to user safety and satisfaction.

MaestroBots issued an apology for the oversight and reassured users of the enhanced security measures. The exploit was neutralized within half an hour, trading functionalities were restored in two hours, and full refunds were completed in ten hours, ensuring that all affected users were compensated.

CertiK has since verified the security: Router 2, affirming its safety post-incident. The company remains a leading choice for cryptocurrency trading on Telegram, serving users across multiple networks including Ethereum, BNB Chain, and Arbitrum. The platform continues to prioritize user security, as evidenced by its rapid and thorough response to the recent exploit.

For more information about MaestroBots and their services, interested parties are encouraged to visit their website.

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