Meter, a blockchain infrastructure business, reported that $4.4 million was taken after a hack on the network on Saturday morning at about 9 a.m. ET. The company claims to provide an architecture that enables smart contracts to expand and traverse across many blockchain networks. The Meter network, and the Moonriver network, were both hacked.
PeckShield, a blockchain research business, revealed that 1391 ETH and 2.74 BTC were taken in the attack. On Saturday at about 2 p.m. ET, the company announced that it had been hacked and advised customers not to trade unbacked meterBNB circulating on Moonriver. By 6 p.m., Meter had shut down all bridge transactions after discovering a flaw “introduced in the automatic wrap and wrap of native tokens like BNB and ETH extended by the Meter team.”
According to Meter, the hacker was able to falsify BNB and ETH transactions by “calling the underlying ERC20 deposit function” since the expanded code “had a wrong trust assumption.” They cooperate with authorities and claim to have discovered “some early traces of the hacker,” pleading with the perpetrator to refund the stolen funds. The users that held WETH and BNB, as well as the “liquidity providers,” are reportedly being compensated.
Wormhole, a popular decentralized cross-chain message transfer mechanism, was used to steal $324 million on Wednesday. Researchers discovered proof of an 80,000 ETH transfer from Wormhole, as well as a hacker selling 40,000 ETH on Solana. They’ve promised the hacker $10 million in exchange and the same amount for information leading to the arrest and conviction of those responsible for the breach.
Qubit Finance, a DeFi protocol, came to Twitter just five days before the Wormhole event to request hackers to recover more than $80 million taken from them. The new thefts are the latest in a string of attacks against DeFi and blockchain platforms that began last year. According to Chainalysis, at least $2.2 billion was stolen from DeFi protocols in 2021. $611 million was taken from Poly Network’s platform in August, while Bitmart lost $196 million in early December.