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ETH Sidechain ‘Meter.io’ Hacked for $4.4 Million
Blockchain infrastructure company Meter.io has confirmed that US$4.4 million was stolen in an attack on its network on February 6 and has since urged users not to trade unbacked meterBNB circulating on the Moonriver parachain. Meter added in a Tweet that it is working to compensate funds to affected users:
What Went Wrong?
Meter explained that the contract did not execute wrapped tokens correctly. A bug introduced in the automatic wrap, and the wrap of native tokens like BNB and ETH extended by the Meter team, allowed the hacker to fake BNB and ETH transfers by “calling the underlying ERC20 deposit function”.
Blockchain security company PeckShield reported that 1391 ETH and 2.74 BTC were stolen during the incident. Both the Meter network and the Moonriver network were affected by the hack.
A user named @ishwinder provided a full explanation of the hack on Twitter:
Hacks on DeFi and blockchain platforms have become a regular occurrence. Just last month, Crypto News Australia reported that Grim Finance had been hacked for US$30 million in Fantom tokens.
Author
Caitlin Carey
Caitlin is a crypto evangelist with a deep curiosity and passion for learning and writing about everything to do with cryptocurrency. She has a background as a performing artist and songwriter and is a digital media enthusiast, with a bachelor degree in Multimedia.
