Meter, an infrastructure provider in the decentralized finance (DeFi) ecosystem, is now the newest blockchain-servicing infrastructure platform to suffer a hack. Meter saw more than $4.3 million stolen from its coffers, the DeFi space’s third attack in recent weeks.
The malicious hack affected both the Meter and Moonriver communities, also resulting in the loss of 1391 ETH ($4,286,269) and 2.74 BTC ($118,927).
At about 2 pm on Saturday afternoon, Meter put out an announcement reporting the attack. In addition, the DeFi infrastructure provider also urged its users to desist from trading unbacked meter BNC circulating on Moonriver. The statement read:
“Around 6 am, we noticed someone was able to utilize a weakness of the bridge to mint a significant volume of BNB and WETH tokens and emptied the bridge reserve for BNB on WETH.”
Meter further revealed that it had already taken corrective measures in an attempt to stem the damage. These included the immediate suspension of all bridge transactions as well as an official investigation. Furthermore, the platform said that it had identified the cause of the problem in a statement that read:
“We identified the problem as a fault in the automated wrap of native tokens like BNB and Ethereum.”
Meter officials are currently working with law enforcement and claim to already be on the hacker’s trail.
Image Credits: Pixabay
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