Maestro Trading Bot Exploited For $500K
Team Promises To Refund Affected Users, Trading Resumes
By: yyctrader •DeFi News
Users of Maestro, a popular cryptocurrency trading bot, lost 280 ETH ($500,000) worth of various memecoins after a recently deployed router contract was exploited on Oct. 24.
Shortly following the incident, Maestro announced that the router exploit had been identified and patched.
"Our router has been updated to a safe, exploit-free implementation," the team said. "Trading can now resume as normal."
While trading has resumed, tokens with liquidity pools on SushiSwap, ShibaSwap, and PancakeSwap’s Ethereum deployment are temporarily unavailable.
Maestro also announced plans to issue full refunds to affected users. The team estimates that approximately 280 ETH will need to be refunded. Maestro claims that the exploit was limited to the router and did not affect user wallets. Therefore, tokens held by unaffected users remain secure.
The incident underscores the risk of using such trading bots, which allow users to buy and sell tokens efficiently, but require sharing one’s private keys and introduce an additional layer of smart contract risk.