Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Smart Contracts Focused Blockchain Infra Service Provider Loses $4.40mln in Cyberattack

Smart Contracts Focused Blockchain Infra Service Provider Loses $4.40mln in Cyberattack

Kelly Cromley by Kelly Cromley
Feb 6, 2022
in Market News, News
Reading Time: 4 mins read
0

Meter, a blockchain framework startup, reported $4.4 million was taken after a breach on the platform on Saturday morning, about 9 a.m. ET. According to the business, it provides an architecture that enables smart contracts to expand and transit across disparate blockchain systems.The breach impacted both the Meter and Moonriver networks. PeckShield, a blockchain research business, revealed that 1391 ETH and 2.74 BTC were taken in the attack. At about 2 p.m. ET on Saturday, the firm announced that it had been compromised and encouraged customers to avoid trading unbacked meterBNB on Moonriver.

“We have detected the problem: Passport has a function that allows users to easily wrap and unwrap gas tokens such as ETH and BNB. Nevertheless, the contract did not prevent direct contact between the wrapped ERC20 tokens and the native gas token, nor did it correctly transmit and validate the right amount of WETH from the callers’ address. The firm said it is now working on reimbursing all impacted users. By 6 p.m., Meter had halted all bridge transactions and determined that the problem was caused by a flaw “created in the automatic wrap and wrap of indigenous tokens such as BNB and ETH enhanced by the Meter team.”

As per Meter, the expanded code had a “mistake in trust” that enabled the hacker to create bogus BNB and ETH remittances by “activating the underlying ERC20 deposit mechanism. They are collaborating with police and claim to have discovered “early evidence of the hacker,” pleading with the perpetrator to refund the stolen funds. According to reports, compensation arrangements are being developed for customers who own WETH and BNB, and also the “providers of liquidity.” We strongly encourage any liquidity providers who offer liquidity using WETH and BNB to withdraw from the pool and await further communication from the Meter team.

The @Meter_IO is hacked with the loss of $~4.3M (including 1391.24945169 ETH + 2.74068396 BTC). The extension over the original (unaffected) ChainBridge introduces a false deposit issue !!! https://t.co/YShfXnEZzD pic.twitter.com/oY6bpau8DA

— PeckShield Inc. (@peckshield) February 6, 2022


Community, unfortunately Meter Passport was hacked a few hours ago. Please do not trade the unbacked meterBNB that is circulating on Moonriver.

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

— ⚡️Meter.io⚡️ (@Meter_IO) February 5, 2022


Please refrain from dealing in these currency pairings as well,” the company elaborated. A total of $324 million was stolen on Wednesday via the widely used decentralized cross-chain message transmission mechanism, Wormhole. Researchers discovered proof of an 80,000 ETH transaction from Wormhole, and also a hacker selling another 40,000 ETH on Solana.

Community, we really appreciate everyone’s patience and support as we work to get back up and running after this morning’s exploit.

We have detailed everything in the below thread:

— ⚡️Meter.io⚡️ (@Meter_IO) February 5, 2022


They have given the hacker $10 million in exchange for the money restoration and the same sum to anybody who can reveal details “resulting in the trial and imprisonment of those liable for the breach.” Five days prior to the Wormhole attack, Qubit Finance, a DeFi protocol, came to Twitter to plead with hackers to recover over $80 million that had been taken from them.

We are working on taking a snapshot from before the attack & will convert the original BNB & WETH to 1:1 their values in MTRG, the rest inflated BNB & WETH will be converted based on the hacker stolen value from the LP pools.

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

— ⚡️Meter.io⚡️ (@Meter_IO) February 5, 2022


Okay this is too interesting to stay away. Looks like the wormhole exploiter is wrecking havoc on the solana side too.https://t.co/s3mfQvlGvU pic.twitter.com/vRKDFKZLDi

— Robot Dad (@0xB07DAD) February 2, 2022


The new intrusions are the latest in a series of assaults against DeFi and blockchain platforms over the past year. Chainalysis stated that in 2021, a minimum of $2.2 billion was directly stolen from DeFi protocols. Poly Network’s platform was robbed of $611 million in August, while Bitmart recorded a loss of $196 million at the start of December.

Previous Post

Communication Platform Vaiyo Enters Metaverse, Enables P2P Crypto Transfers, Supports NFTs

Next Post

Polkadot (DOT) Blockchain Power Intake is Least Compared to Peers

Related Posts

dac partners with deepbook ai

DAC Platform and DeepBook AI Redefine Web3 Browsing

by Kelly Cromley
Jul 18, 2025
0

DAC Platform has revealed its latest collaboration with DeepBook AI, signaling a strategic move aimed at enhancing user interaction within...

spheron partners with wire network

Spheron and Wire Blockchain Unite to Power Decentralized AI Internet

by Kelly Cromley
Jul 18, 2025
0

Spheron Network has announced a strategic collaboration with Wire Blockchain, aiming to deliver a more resilient and scalable internet infrastructure...

magne ai

MAGNE.AI Unveils Web3 AI Smartphone with Global Launch in KL

by Kelly Cromley
Jul 18, 2025
0

MAGNE.AI is preparing to make a prominent entry into the global mobile technology market with the public debut of its...

adi foundation

ADI Chain Testnet Launch Signals a New Era in Blockchain Speed

by Kelly Cromley
Jul 18, 2025
0

The ADI Foundation has officially initiated the public testnet launch of ADI Chain, a next-generation blockchain infrastructure designed to be...

cardano

Cardano Expands Reach Through Blockchain.com DeFi Wallet Integration

by Kelly Cromley
Jul 18, 2025
0

Cardano has taken a major step forward in advancing its decentralized finance (DeFi) ambitions by being integrated into Blockchain.com’s DeFi...

Domino Printech India partners with Block Synergy Technology Limited

Domino Printech India and Block Synergy launch TagITX to combat counterfeiting with on-product traceability

by Kelly Cromley
Jul 18, 2025
0

In a major step to curb the growing problem of counterfeit goods in India, Domino Printech India, a recognized name...

Next Post
Polkadot (DOT) Blockchain Power Intake is Least Compared to Peers

Polkadot (DOT) Blockchain Power Intake is Least Compared to Peers

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Hyper Foundation Launched to Boost Hyperliquid Blockchain Development

    by Kelly Cromley
    Oct 15, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025

Recent News

dac partners with deepbook ai
Market News

DAC Platform and DeepBook AI Redefine Web3 Browsing

by Kelly Cromley
Jul 18, 2025
spheron partners with wire network
Market News

Spheron and Wire Blockchain Unite to Power Decentralized AI Internet

by Kelly Cromley
Jul 18, 2025
magne ai
Market News

MAGNE.AI Unveils Web3 AI Smartphone with Global Launch in KL

by Kelly Cromley
Jul 18, 2025
adi foundation
Market News

ADI Chain Testnet Launch Signals a New Era in Blockchain Speed

by Kelly Cromley
Jul 18, 2025
cardano
Cardano News

Cardano Expands Reach Through Blockchain.com DeFi Wallet Integration

by Kelly Cromley
Jul 18, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree