For $4.3 million, the MeterIO decentralised protocol was exploited

Even if it’s not a $320 million bargain, it’s still more than one protocol can afford to lose.

Cross-chain bridges are suffering as a result of the hack.

MeterIO, another DeFi-related startup, was hacked, resulting in a loss of $4.3 million, which could be worth more by press time due to heightened bitcoin market volatility. Hackers took 1,391 ETH and 2.7 BTC from the account.

The hack’s technical explanation

Meter closely resembles the ChainSwap cross-chain hub’s technology, or is merely a fork of it. The primary distinction introduced by Meter developers is a change in the ERC20 handler’s deposit procedure.

Because the wrapped Native token is already unwound, the update implies that the bridged token, which is a wrapped Native token, will not be burned or locked. The code assumes that the bridging token is a wrapped Native token, which means that it should not be burned or locked.

The assumption would have worked well for only one of the deposit methods, but not for another means of depositing monies into the contract at the WETH deposit address.

The hacker has taken advantage of the contract’s inconvenient nature by sending the required amount in calldata and gaining possession of funds that he or she should not have possessed.

The condition of cross-chain bridges is deteriorating.

Meter’s storey is far from unique in the cross-chain market, with one of the major Solana-Ethereum bridges recently experiencing a weakness that resulted in the loss of $320 in cryptocurrency.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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