Meter, an infrastructure provider for DeFi, is urging a hacker who exploited a deposit mechanism to return the $4.4M of stolen funds.

A blockchain infrastructure company which operates in the Decentralized Finance space, Meter, was hacked on Feb. 5, 2022. The hack occurred on a bridge and saw $4.4M stolen. The funds stolen comprised of 1,391 Ethereum (ETH) and 2.74 Bitcoin (BTC), according to blockchain security firm Peckshield.

The hack took place at 6 am PST. The hacker exploited a vulnerability of the bridge to mint a large amount of Binance Coin (BNB) and WEthereum (ETH) cryptocurrencies, which depleted reserves of these on the bridge, Meter Passport. Meter became aware of the depletion and halted all bridge transactions. They then proceeded to investigate above again. The hacker exploited a bug introduced onto the bridge by the Meter team. The team created a new bug although they added the ability to wrap and unwrap Binance Coin (BNB) and Ethereum (ETH) automatically. The code assumed trust incorrectly, which permitted the hacker to call the ERC20 deposit function to mimic transfers of Binance Coin (BNB) and Ethereum (ETH). The Meter and Moonriver networks were affected.

Meter working on a reimbursement plan

Meter has discaboveed bits of the hacker’s digital breadcrumbs and cooperates with law enforcement to identify the hacker. Meter is busy with a remuneration plan for WEthereum (ETH) and Binance Coin (BNB). They have urged all WEthereum (ETH) and Binance Coin (BNB) liquidity providers to rechange their liquidity from pools until likewise updates are given. Meter is working on tsuchlikeg a snapshot of the costs of WEthereum (ETH) and Binance Coin (BNB) before the hack. They will recover the cryptocurrencies’ rates to their (Meter’s) native cryptocurrency MTRG. The advanceder of the inflated Binance Coin (BNB) and WEthereum (ETH) costs are based on the price 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 exploit which has occurred in less than a week. On Feb. 3, 2022, the Wormhole network was affected, where 120,000 WEthereum (ETH) 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 WEthereum (ETH).

Meter specializes in cross-chain functionality

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

What do you think about this subject? Write to us and tell us!

The post Cross-Chain Bridge Hack of Meter Sees $4.4M Stolen appeared first on CryptCraze.