Defi protocol MeterIO hacked, lost $4.3M

Defi Protocol MeterIO faced a hacking attack and that resulted in a very big loss for the exchange. 

In 2020 few crypto leaders introduced the concept of Defi to bring a highly decentralized ecosystem in the crypto industry. However, the entry of Defi in the crypto space grabbed huge attention but that was accompanied by huge numbers of vulnerabilities and bugs. The majority of the bad actors are taking advantage of loopholes in the Defi Protocols. 

MeterIO is also a cross-chain Defi protocol. Hacker tricked the Chainbridge to steal the funds. Hacker successfully grabbed 1,391 ETH and 2.7 BTC.

PeckShield, a blockchain analytic firm, noted that MeterIO lost around $4.3 million in this hack attack. 

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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

The project team of MeterIO also noted this attack and working their best

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

Cross-chain bridge: High alert 

In the present time, there are several blockchains and every blockchain network has its significance, so people are restricted to remain attached to every blockchain Network. 

Due to the entry of Defi-based projects, people can remain attached to every bridge chain platform in a decentralized medium. 

In the past, it was found many times that hackers took advantage of the bugs, vulnerability of such cross-chain bridge platforms to steal funds easily by Minting unlimited amounts of wrapped tokens. 

If these types of projects want to get better success then surely these projects need to go through more deep research and redevelopment, otherwise, it may result in not more than a waste idea to give cross-chain services.

Read also: 26% Shiba Inu token in hands of whales 

Defi protocol MeterIO hacked, lost $4.3M

 

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