$4.4 million looted from the crypto firm: multi bridge abused

February 8, 2022

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Meter, a blockchain firm that delivers a multi-chain crossing and enables users to trade multiple cryptocurrencies across Ethereum and other world chains was looted around $4.4 million by a smart hacker which also caused Hundred Finance, which is a crypto lending forum to lose $3.3 million through under collateralized loans. This storm has also inflicted the Moonriver side of the bridge, which is a reasonable agreement protocol based on Polkadot’s Kusama network. This cloudburst effect across Kusama based Moonriver ecosystem. After depleting Meter of its WETH and BNB reserves, the assailant traded the BNB and SushiSwap, which is a popular decentralised trade. This brought in a 77% crash in the price of BNB.

Several accounts took the benefit of the price fall by purchasing BNB at a reduced price and utilized these tokens as collateral to take out FRAX, MIM and ETH loans. The loans were more than the collateral which further fueled the supply problem. Meter has taken accountability for this plunder and is aiming to use their native token for compensation. Surprisingly, two loans were paid back. The ETH loan was paid back. The Hundred protocol has endeavoured to ask to pay back the BNB tokens used as collateral to the main source. According to the sources, it is reported that approximately 1,391 ETH and 2.74 WBTC were seized by the assaulter. A figurative of Hundred Finance said it would pause for a day before taking steps to reopen MIM and FRAX markets on its forum.

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