Meter Claimed that a Hack on the Platform Resulted in the Theft of $4.4 Million

Meter, a blockchain infrastructure firm, says $4.4 million was stolen after an assault on the platform that began at 9 a.m. ET on Saturday. According to the company, it administers infrastructure that enables smart contracts to scale and transit across heterogeneous blockchain networks. The hack had an impact on both the Meter and Moonriver networks. PeckShield, a blockchain research company, verified that 1391 ETH and 2.74 BTC were stolen during the attack.

On Saturday about 2 p.m. ET, the firm announced that it had been hacked and advised users not to trade unbacked meterBNB circulating on Moonriver. “We have identified the issue: Passport has a feature to automatically wrap and unwrap gas tokens like ETH and BNB for user convenience. However, the contract did not block direct interaction of the wrapped ERC20 tokens for the native gas token and did not properly transfer and verify the correct number of WETH transferred from the callers’ address. We are working on compensating funds to all affected users,” the company explained.

Meter said that about 6 a.m. Pacific time, they discovered that someone had exploited a bridge vulnerability to mint a significant number of BNB and WETH tokens, depleting the bridge reserve for BNB on WETH. They promptly halted all bridge transactions and launched an investigation. Within 30 minutes, they determined that the problem was caused by a flaw in the Meter team’s automatic wrap and wrap of native tokens such as BNB and ETH. 

All of the other tokens and reserves are SAFU.

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