Meter.io Cross-Chain Bridge Was Hacked and Lost About $4.4 Million

TokenInsight news, According to official news, Meter.io cross-chain bridge was hacked today and lost about $4.4 million. Hackers leveraged a vulnerability of the bridge to mint a large amount of $BNB and $WETH tokens and depleted the bridge reserve for $BNB on $WETH (the reserve comes from a portion of the proceeds of the on-chain auction to keep the price of the Meter native token $MTR stable). The issue is a bug introduced in the automatic wrap and wrap of native tokens like BNB and ETH extended by the Meter team, which allowed hackers to call the underlying ERC20 deposit function to fake an $BNB or $ETH transfer. The only impacted tokens were native gas tokens ($WETH and $BNB), and only Meter and Moonriver networks were impacted. In addition, the team is working on taking snapshots and designing a compensation plan for the $WETH and $BNB holders and LP providers.
Source

Cross-Chain

Related News
Omni Network launches 'Core' mainnet to unify Ethereum's fragmented rollup ecosystem Omni Network launches 'Core' mainnet to unify Ethereum's fragmented rollup ecosystem
Omnity Launches Integration to Trade Bitcoin Runes Tokens without Gas Fees Omnity Launches Integration to Trade Bitcoin Runes Tokens without Gas Fees
Chainlink Launched Bridging app Powered by CCIP Chainlink Launched Bridging app Powered by CCIP
Cross-chain Protocol Wormhole to Airdrop 617M Tokens Cross-chain Protocol Wormhole to Airdrop 617M Tokens
Wormhole to Use AMD's Chip to Facilicate Cross-chain Messaging Wormhole to Use AMD's Chip to Facilicate Cross-chain Messaging
Latest News More More
1 Day Ago Citigroup predicts stablecoin supply could hit $3.7 trillion by 2030
1 Day Ago Ark Invest raises 2030 bull-case bitcoin price projection to $2.4 million on 'aggressive' modeling
2 Days Ago Zora airdrop triggers confusion as token launches without announcement, requires users claim manually
3 Days Ago pot bitcoin ETFs see $936 million inflows as 'safe haven' narrative strengthens
3 Days Ago Binance South Africa to require information on senders and recipients for local compliance
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open