Blockchain infrastructure company Meter has had $4.4 million stolen in a hack.
- The Palo Alto, California-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 over 1391 ETH ($4.3 million) and 2.74 BTC ($115,000) stolen.
- The hackers exploited a feature on Meter which 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.
Read more: Crypto.com Says Hackers Stole Nearly $34M From Users