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Meter loses $4.4 million in latest DeFi breach

TL;DR

TL; DR Breakdown

  • Hackers steal $4.4 million from Meter token bridge
  • The hackers used the Moonriver bridge
  • Meter is refunding affected users

The hacking issue in the crypto sector has become rampant as participants are losing ways to protect their funds securely. While players and protocols are doing their bit, the hack and scams look like they are not abating. In a recent attack concerning a bridge, Meter, hackers have $4.4 million from the platform. In the same vein, the same hack also involved Hundred Finance, where hackers stole $3.3 million.

Hackers breached Moonriver in the attack

Meter is a bridge that connects to Ethereum and some other chains. However, the hack took place on Moonriver. Moonriver houses several smart contracts on the Kusama network, built on Polkadot. In the same vein, Hundred Finance was developed using a code from Compound Finance.

According to developers, the hack took place on February 5. Hackers stole BNB and wETH of about $4.4 million using the wrong trust assumption in the developing code. This means that the hackers sent an arbitrary amount of Ethereum to Meter, which was used to carry out the attack. After the attack, a series of events took place, affecting BNB’s price.

Meter is refunding affected users

After the attack, the hacker was said to have taken to Sushiswap to sell off all the BNB in his possession. After this, the price of BNB went down as far as 77% on Moonriver. Reacting to the price fall, most traders bought as much BNB as possible. After that, most of them took out loans in different tokens while using the BNB as collateral.

The protocol is presently sending back funds to users affected by the hack. In its recent statement, Meter mentioned that it would refund users MTRG tokens while setting aside about $4.4 million of the said token. This Meter hack took the shape of the previous Wormhole breach some days ago. In the attack, the hackers stole more than $320 million in wETH.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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