A group of cryptocurrency bots on Telegram, known as Maestrobots, has taken swift action to refund users affected by a significant exploit in the world of decentralized finance (DeFi). On October 24, Maestrobots experienced an attack that drained approximately 280 ETH from its smart contract. In a commendable display of responsibility, the Maestrobots team promptly stepped in to cover the losses of affected users, paying out a total of 610 ETH, valued at over $1 million at the time of the refund.
This incident, which occurred on the Maestro Router 2 contract, is a reminder of the potential vulnerabilities in the DeFi space. The hackers managed to exploit the platform, resulting in the loss of a substantial amount of cryptocurrency. However, the Maestrobots team’s quick response demonstrated their commitment to safeguarding their users’ assets.
To ensure users received full compensation, the Maestro team refunded the lost tokens, effectively restoring the balances of those affected. In some cases, tokens were purchased and refunded instead of providing ETH, as this was deemed the fairest approach. The team invested 276 ETH to secure users’ tokens, prioritizing their interests.
🌟 Wrapping up the Exploit Saga
— Maestro🤖🤖 (@MaestroBots) October 25, 2023
➡️ 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…
For two of the exploited tokens, Joe (JOE) and Lockheed Martin Inu (LMI), which lacked sufficient liquidity for repurchase, users were refunded in ETH. In recognition of the inconvenience caused, the amounts were increased by 20%, resulting in a total cost of 334 ETH for these refunds.
CertiK, a reputable blockchain security firm, independently verified the transactions related to the 334 ETH compensation provided by Maestro to users affected by the exploit.
The incident occurred when the MaestroRouter on the Ethereum mainnet was compromised, allowing hackers to steal roughly 280 ETH in various exploited tokens, with a combined value of approximately $485,000 at the time of the attack. Remarkably, Maestro detected the attack within just 30 minutes of its initiation and promptly removed the exploit. Subsequently, the platform swiftly resumed trading, temporarily suspending tokens associated with SushiSwap, ShibaSwap, and ETH PancakeSwap pools.
We regret to inform our users that the Maestro Router was compromised tonight. We have swiftly taken action and revoked all the router's functionalities.
— Maestro🤖🤖 (@MaestroBots) October 25, 2023
For those who were affected, full refunds will be issued out. For those who were not affected, your tokens are fully safe…
Crucially, the attack exclusively targeted the Router, with no compromise of user wallets. CertiK’s executive summary highlighted that a total of 106 user addresses were affected by the smart contract breach, impacting a range of tokens, including LMI, JOE, Mog Coin (MOG), ApeSwap (BANANA), Oggy inu (OGGY), Jim (JIM), Liquid Protocol (LP), Real Smurf Cat (BSC), and Prophet (PROPHET), among others.
Despite the turbulence caused by the exploit, most of these tokens demonstrated resilience by recovering their value, thanks to the anticipation that Maestro would execute market purchases. Maestrobots remains a significant player in the DeFi space, offering a range of Telegram bots that facilitate trading across Ethereum, BNB Chain, and Arbitrum. These bots have gained popularity among cryptocurrency enthusiasts, with a dedicated following on Telegram.
The incident underscores the need for robust security measures in the DeFi sector and the importance of responsible platform operators who prioritize the protection of user assets. It also serves as a reminder that vulnerabilities persist, and ongoing vigilance is required in the world of decentralized finance.
ALSO READ
- Telegram Crypto Bots Gaining Momentum in Market, According to Binance Research
- Crypto Trading Bot Makes $3 Profit After Borrowing $200M