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HomeCrypto NewsMarketDefi Meter.io Hacked For 1391 Ethereum And 2.74 Bitcoin Worth $4.3M

Defi Meter.io Hacked For 1391 Ethereum And 2.74 Bitcoin Worth $4.3M


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DeFi infrastructure company Meter lost about $4.3 million in Bitcoin and Ethereum in a hack.

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.

Meter.io clarified:

“We have identified the issue: Passport has a feature to automatically wrap and unwrap gas tokens like ETH and BNB for user convenience.

However the contract did not block direct interaction of the wrapped ERC20 tokens for the native gas token and did not properly transfer and verify the correct number of WETH transferred from the callers’ address. We are working on compensating funds to all affected users.”

Based in Palo Alto, California, USA, Meter provides a smart contract interconnection service for DeFi.

The company said that they restored their cross-chain bridge, updated smart contracts.

“First and foremost, we want to thank our entire community and each one of our partners for their incredible support over the last 48 hours as we navigated the exploit on our bridge. We are happy to announce that we have upgraded our smart contracts and Passport is back online!”

The team says they have engaged a third-party auditor for the protocol code:

“We have engaged security audit firms for passport v1.5, which will be released soon. It will come with enhanced security and significantly lower fees.”

To compensate victims, the firm reserved $4.4 million in MTRG tokens.

“We’ve set aside $4.4M of MTRG based on today’s price.”

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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