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Finance

$4.4M Stolen in Hack of Blockchain Infrastructure Firm Meter

According to PeckShield, the hack on Saturday saw more than 1391 ETH and 2.74 BTC stolen.

By Jamie Crawley
AccessTimeIconFeb 7, 2022 at 2:28 p.m. UTC
Updated May 11, 2023 at 7:14 p.m. UTC
(Shutterstock)

Blockchain infrastructure company Meter has had $4.4 million stolen in a hack.

  • The Palo Alto, Calif.-based firm provides decentralized finance (DeFi) infrastructure services for cross-chain operability of smart contracts.
  • According to blockchain analytics firm PeckShield, the hack on Saturday saw more than 1391 ETH ($4.3 million) and 2.74 BTC ($115,000) stolen.
  • The hackers exploited a feature on Meter that automatically wraps and unwraps gas tokens like ETH and BNB for user convenience.
  • "However the contract did not block direct interaction of the wrapped ERC20 tokens for the native gas token and did not properly transfer and verify the correct number of WETH transferred from the callers' address," Meter tweeted.
  • Meter added that it is working on compensating all users affected.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter