Meter, an infrastructure provider within the Decentralized Finance (DeFi) ecosystem is the latest victim of a hack. Meter was the third recent attack by DeFi to steal more than $4.3million from its funds.
The malicious hack also affected the Meter and Moonriver communities. It also resulted in the loss 1391 ETH ($4,286,269) as well as 2.74 BTC ($118.927).
Meter issued an announcement on Saturday afternoon at 2pm reporting the attack. DeFi infrastructure provider also advised its users to stop trading unbacked Meter BNC that circulated on Moonriver. The statement was as follows:
“Around 6 a.m., we noticed that someone was able use a weakness in the bridge to mint large quantities of WETH and BNB tokens. We then emptied our bridge reserve for BNB-on-WETH.
Meter also revealed that it had taken corrective steps to mitigate the damage. These measures included an immediate suspension of bridge transactions and an official investigation. In a statement, the platform stated that it had found the root cause of the problem.
“We identified the issue as a problem in the automated wrapping of native tokens such as BNB and Ethereum.”
Meter officials claim that they are already on the trail of hackers and are working with law enforcement.