Crypto Firm Meter Loses $4.4m in Cyber-Heist
Yet another cryptocurrency firm has been hacked to the tune of millions of dollars.
Meter provides decentralized finance (DeFi) infrastructure services, linking siloed blockchains for users with so-called “cross-chain bridges.”
Over the weekend, it revealed that an unauthorized intruder had managed to exploit a bridge vulnerability to mint a large number of Binance Coins (BNB) and wrapped Ethereum (WETH), while running down its reserves.
After halting bridge transactions immediately, the firm investigated the source of the bug.
“The extended code had a wrong trust assumption which allowed hacker to call the underlying ERC20 deposit function to fake an BNB or ETH transfer,” it explained on Twitter.
“The only impacted tokens were native gas tokens (WETH and BNB), and only Meter and Moonriver networks were impacted.”
Meter admitted it lost $4.4m in the raid but said it would compensate those affected while working with the authorities to trace its attacker.
“We urge all the liquidity providers that provide liquidity involving WETH and BNB to remove liquidity from the pool and wait for an additional announcement from the Meter team,” it added. “Please try avoid trading in these pairs as well.”
Meter urged the hacker to return