MaestroBots Demonstrates Commitment to User Safety in Wake of Smart Contract Exploit
In a decisive response to a smart contract exploit on 24 October 2023, MaestroBots, a leading cryptocurrency trading bot on Telegram, promptly executed a comprehensive refund plan, ensuring users affected by the incident were reimbursed. The exploit targeted a total of 280 ETH, prompting MaestroBots to announce immediate action and a pledge to uphold user security on 25 October 2023.
MaestroBots showcased unwavering dedication by allocating 610 ETH, surpassing $1 million, from its revenue to compensate users for their losses. The company’s official statement affirmed, “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.”
To ensure equitable treatment, MaestroBots chose to buy and refund tokens for nine out of the 11 exploited tokens, investing 276 ETH to safeguard users’ assets. Due to liquidity constraints, refunds for the remaining tokens, Joe (JOE) and Lockheed Martin Inu (LMI), were issued in ETH, with a 20% increase in the refund amount as a token of appreciation for users’ trust and support. CertiK, a respected blockchain security firm, verified the transactions, confirming the 334 ETH compensation distributed to users by MaestroBots.
Abbas Abou Daya, CEO of MaestroBots, underscored the company’s unwavering commitment to user safety, stating, “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.”
Abou Daya elaborated on the decision to buy and refund 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).”
Emphasising the prompt response, Abou Daya stated, “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.”
Team Maestro expressed their apologies for the error and assured users of their commitment to a higher standard. Following the incident, Maestro: Router 2’s safety was validated by CertiK, affirming the swift response and resolution.
MaestroBots continues to set a benchmark for responsibility and accountability in the cryptocurrency trading community, upholding the highest standards of security and integrity.
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