Markets News Report
October 25, 2023

Maestro Bot Security Breach Results in 334 ETH Refunds for Affected Users

In Brief

The Maestro Telegram bot experienced a security breach resulting in the theft of over 280 ETH from the Maestro Router 2 contract.

In response, the Maestro team swiftly addressed the issue, transitioning to a more secure router version, and ensuring full refunds for affected users.

Swift Refunds Follow 280 ETH Theft in Telegram Bot’s Maestro Breach

The Maestro Telegram bot for cryptocurrency trading encountered a significant security vulnerability on the ETH Mainnet, resulting in the theft of over 280 ETH (approximately $458,000) in cryptocurrency. After the breach was spotted, Maestro addressed the issue by transitioning to a more secure version of the router, reassuring users that trading could resume without the looming threat of a similar breach. Within 30 minutes, they had identified and removed the exploit. 

Subsequently, the team adopted a robust approach to address the issue. For users who had lost tokens in the router exploit, the bot’s team ensured that they received the full amount they had lost.

“The exploiter was able to extract 280 ETH through token sells before we shut him down permanently. After ensuring the safety of the new router, we then started looking into refund options. This wasn’t an easy case to approach, since the few users who were affected lost tokens, not ETH,”

the Maestro team wrote on X.

The team decided to repurchase and refund tokens for 9 out of the 11 affected crypto assets, as they believed this approach was the fairest and most thorough. According to the team, this method allows users to have complete control over their assets and ensures transparency in the refund process.

Moreover, Maestro bot expended 276 ETH to safeguard users’ tokens. Users are encouraged to validate their token reception by referencing the token contracts in the bot and confirming their respective wallets.

As for the remaining two tokens, JOE and LMI, insufficient liquidity prevented the team from repurchasing them. Affected users were compensated with the ETH equivalent of their tokens, with a 20% bonus as a gesture of goodwill. The refunds amounted to 334 ETH.

Still, the holders of JOE and LMI tokens faced significant losses. A 20% bonus refund falls short, especially considering that the values of these tokens doubled today.

The entire refund process was completed within 10 hours, costing 610 ETH, the team wrote. Maestro: Router 2 is now completely secure, and the team is dedicated to ensuring user safety and satisfaction.

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In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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