$4.4 Million Cryptocurrency Stolen From DeFi Infrastructure Provider

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Meter, an infrastructure provider for DeFi, is pleading with hackers to return over $4.4 Million worth of cryptocurrency to be returned.

The Meter hack took place on February 5th, and the stolen funds comprised of 1,391 ETH and 2.74 BTC, according to blockchain security firm Peckshield.

The attack itself took place at 6am PST. The hackers took advantage of a vulnerability of the bridge to mint a large amount of BNB and WETH tokens, which depleted reserves of these on the bridge, Meter Passport.

Meter were alerted of the depletion and stopped all bridge transactions, and proceeded to investigate.

It was believed that the vulnerability was added when the Meter team added the ability to wrap and unwrap BNB and ETH automatically.

The new code assumed trust incorrectly, which permitted the hacker to call the ERC20 deposit function to mimic transfers of BNB and ETH.

Meter is currently working with the authorities to identify the cybercriminals, and is also putting a remuneration plan in place.

They have urged all WETH and BNB liquidity providers to remove their liquidity from pools until further updates are given.

They will convert the tokens’ values to their (Meter’s) native token MTRG. The remainder of the inflated BNB and WETH prices are based on the value stolen from liquidity pools. They’ve earmarked $4.4M worth of MTRG based on its price on Feb. 6, 2022.

This is the second bridge hack in a week within the DeFi ecosystem.

On Feb. 3, 2022, the Wormhole network was affected, where 120,000 WETH was drained from the bridge. The Wormhole team offered the hacker a whitehat agreement. They would award the hacker $10M for the hack’s details and the return of the drained WETH.

Meter provides a high-performance Ethereum Virtual Machine-compatible sidechain for public blockchains, including Ethereum. The sidechain is compatible with Ethereum dApps. Each public chain that Meter connects to via a bridge has a native consensus mechanism, scaling, and incentives. Meter addresses proper monetary policy, communication between chains, and value settlement.

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