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Hacker withdrew $4.3 million from the Meter

Posted on by acerecit

Cross-chain bridgenfrastructural DeFi-company Meter lost about $4.3 million in bitcoin and Ethereum as a result of hacking.

According to PeckShield specialists, the damage amounted to 1391 ETH and 2.74 BTC. Meter confirmed the hack.

The attacker took advantage of a vulnerability in the automatic “unpacking” of gas tokens in the protocol, such as ETH and BNB, the company explained.

“The contract did not block the direct interaction of the “wrapped” ERC-20 assets for the native gas token, did not properly transmit and did not check the correct amount of WETH sent from the address of the calling [function] address,” the Meter team added.

Based in Palo Alto (California, USA), Meter provides a smart contract interconnection service in the field of DeFi.

The company said it had restored the operation of the cross-chain bridge, updated smart contracts and engaged a third-party auditor for the protocol code. The firm has reserved $4.4 million in MTRG tokens to compensate the victims (based on current prices).

Recall that in early February, hackers withdrew 120,000 WETH from the Wormhole cross-chain protocol pool based on Solana — over $319 million at the time of the hack.