- Maestro reportedly identified and fixed its router vulnerability that caused a loss of $500,000 in various memecoins.
- Users lost a total of 280 ETH ($500K) worth of various altcoins, including JOE, BANANA, and LMI.
- The platform assured the resumption of trading activities and refunds to the affected customers.
Crypto trading bot Maestro announced the resumption of trading activities following a serious router vulnerability that resulted in the loss of $500,000 in various memecoins. As per Maestro’s latest tweet, the exploit had been identified and fixed, updating the router into a “safe, exploit-free implementation.”
Reports on October 4 identified a critical hack in the Maestro ecosystem, warning, “Maestro router is compromised!” The revelation unveiled the hacker’s dumping of a plethora of memecoins, including JOE, BANANA, LMI, etc., causing users to lose a total of 280 ETH ($500K).
While the community has been grappling with the high potential risks of the crypto space, Maestro has assured the implementation of safer strategies to tackle the risks. In addition, the platform has also ensured that the services would continue uninterrupted by the exploitation, citing, “Trading can resume as normal.”
However, while mentioning some restrictions on certain tokens, Maestro highlighted that the “tokens with pools on SushiSwap, ShibaSwap, and ETH PancakeSwap will be temporarily unavailable.”
Further, by guaranteeing a sooner refund, Maestro asserted that they are researching a better process of refunding in the fastest and fairest way. The tweet read,
The team is now studying the fastest, fairest, and most efficient way to process refunds for those affected. Not a single one of you will be left behind, so you don’t need to worry. We’ll update the community as soon as we’re ready to process the refunds (hopefully within the day).
Apologizing for the inconvenience, Maestro appreciated its community’s cooperation and patience. Ensuring a stronger return on the trading activities on the platform, Maestro encouraged the affected community members to further participate actively in the economy.
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