Blockchain: $ 4.4 million stolen in an attack on the Meter network

Infrastructure firm blockchain Meter reported the theft of $ 4.4 million during a cyber attack on its platform late last week. The Meter network as well as the Moonriver network were affected by this hack, confirmed by blockchain research firm PeckShield, according to which 1,391 ETH and 2.74 BTC were stolen during this incident. On Saturday afternoon, the Meter company in turn confirmed that it had been hacked and urged users not to trade meterBNB without support in circulation on Moonriver.

“We have identified the problem: Passport has a feature to automatically wrap and discard gas tokens such as ETH and BNB for user convenience. However, the contract did not block the direct interaction of the wrapped ERC20 tokens for the native gas token and did not successfully transfer and verify the correct number of WETH transferred from the caller address. We are working to liquidate the funds to all interested users, “said the company’s management.

At 6pm, Meter claimed to have stopped all bridge transactions and discovered that the problem was related to a bug “introduced in auto-wrapping and native token wrappers like BNB and ETH extended by the Meter team” . According to Meter, his extended code “had an incorrect trust assumption” that allowed the hacker to simulate BNB and ETH transfers by “calling the underlying ERC20 deposit function.” The company also said it found “some early traces of the hacker” urging the culprit to return the rewards of his loot.

Cascade of cyber attacks

Compensation plans were reportedly created for users who owned WETH and BNB, as well as “liquidity providers”. “We urge all liquidity providers involving WETH and BNB to remove them from the pool and await further announcements from the Meter team. Please also try to avoid trading these pairs, “explains the company.

Attacks on the blockchain are becoming more and more frequent. On Wednesday, $ 324 million was stolen through the popular decentralized cross-chain messaging protocol, Wormhole. The researchers found evidence of a transfer of 80,000 ETH from Wormhole, as well as 40,000 ETH sold by the hacker to Solana. The latter offered the hacker $ 10 million to return the funds and the same sum to anyone who could provide information “leading to the arrest and conviction of the hackers.”

Just five days before the Wormhole incident, DeFi Qubit Finance took to Twitter to plead with hackers to return more than $ 80 million that had been stolen from them. These recent hacks are in line with the attacks on DeFi and blockchain platforms that took place last year. According to Chainalysis, at least $ 2.2 billion was stolen by DeFi protocols in 2021. Poly Network suffered $ 611 million from its platform stolen in August, while Bitmart lost $ 196 million in early December.

Source: ZDNet.com

Leave a Comment