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 October 24.
Maestro trading bot exploited for $500,000
Shortly after the incident, Maestro announced that the router exploit had been identified and patched.
“Our router has been updated to a secure, exploit-free implementation,” the team said. “Trading can now resume as usual.”
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 around 280 ETH needs to be refunded. Maestro claims that the exploit was limited to the router and had no impact on users’ wallets. Therefore, tokens held by unaffected users remain safe.
The incident highlights the risk of using such trading bots, which allow users to buy and sell tokens efficiently but require sharing the private keys and introduce an additional layer of smart contract risk.
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