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DeFi project MeterIO Faces Exploit, Loses Over $4.3 Million
MeterIO, a Decentralized Finance (DeFi) project, becomes yet another victim of hackers, causing a loss of $4.3 million, which could be worth more due to heightened crypto market volatility.
What makes MeterIO get hacked?
MeterIO faced the loss of 2.7 Bitcoin and 1,391 Ethereum. PeckShield Inc. first reported about the incident on Twitter.The primary distinction that the Meter developers offer is a tweak in the ERC20 handler's deposit mechanism.
As the wrapped Native token is already unwrapped, the update implies that the bridged token, which is a wrapped Native token, will not be locked or burned. The code assumes that the bridged token is a wrapped Native token, which means that the bridged token should not be locked or burned. The catch here is that the assumption would have worked well as expected for only one of the deposit mechanisms but not for another method of depositing funds into the contract at the WETH deposit address.
The hacker took advantage of the contract's inconvenient nature by sending the required amount in calldata and gaining hold of funds that they should not have possessed.
The condition of cross-chain bridges is deteriorating
The loss suffered by MeterIO is not unique to the cross-chain market. One of the major Solana-Ethereum bridges recently experienced a breach that resulted in the loss of $320 million worth of cryptocurrency.In January, PeckShield reported the hack of the cross-chain protocol Multichain (formerly called AnySwap), leading to a loss of $1.34 million. Hackers used its V3 bridge to steal USDC and Magic Internet Money (MIM) valued at over $3 million.
Last year, the number of DeFi hacks surged to new highs, leading to a loss of $10.5 billion. In December, Grim Finance lost more than 30 million in DeFi exploit.
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