Latest DeFi bridge exploit results in $4.4M losses for Meter
Another token bridge suffered a malicious attack where tokens were minted by a hacker through a smart contract exploit, eventually leading to a cascade effect across other DeFi networks. The Meter Passport token bridge platform has incurred $4.4 million in losses due to a smart contract hack which also caused Hundred Finance to lose $3.3 million through under-collateralized loans.Meter.io’s Meter Passport (MTRG) is a token bridge that is compatible with Ethereum and its sidechains. This attack affected the Moonriver side of the bridge.Moonriver is a smart contract platform based on....
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Bridge exploits continue to prove to be a top concern across DeFi and crypto at large, as bridges time and time again have proven to be a major point of vulnerability. Enter once again another prime example with the latest 9-figure exploit, this time on the multi-chain Nomad Bridge. In the early hours following the exploit, we’re looking at an exploit in the range of $160-190M – let’s take a look at this and more from what we know thus far. Nomad’s Collapse According to Defi Llama, the bridge closed off July with a TVL of right around $190M, and as August went....
Another blockchain infrastructure platform has fallen victim to hackers, and it’s the third attack in recent weeks. This time Meter, the blockchain infrastructure, was attacked and saw more than $4.3 million stolen. Meter allows smart contracts to scale and travel through heterogeneous blockchain networks, including Ethereum. Around 2 p.m. on Saturday afternoon, this DeFi infrastructure […]
The $190 million Nomad Bridge exploit is just the latest out of 13 separate bridge attacks in 2022 so far. Cross-chain bridge hacks have accounted for 69% of the total crypto stolen in 2022, amounting to $2 billion in losses, according to a new report. The report comes from blockchain analytics firm Chainalysis on Aug. 2, noting there have been 13 separate token bridge hacks this year — the most recent being the $190 million Nomad Bridge exploit.Q1 2022 was by far the quarter that saw the most amount of crypto stolen since 2021, due mainly to the Ronin Bridge Attack in late March, which....
The BitBTC bridge reportedly had a bug that would essentially allow an attacker to mint fake tokens on one side of the bridge, and swap them for real ones on the other. A cross-chain bridge between BitBTC and the Ethereum layer-2 network Optimism has been able to avoid a potentially costly exploit thanks to the work of an eagle-eyed Twitter user.The custom cross-chain bridge offers a ramp for users to send assets between Optimism’s network and BitAnt's decentralized finance (DeFi) ecosystem, which includes yield services, NFTs, swaps and the BitBTC token, in which 1 million BitBTC....
Majority of the DeFi tokens in the top-100 had a mixed week as several tokens traded in red while a few others managed to make double-digit gains. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.This past week, there were some major developments in the run-up to the upcoming Ethereum Merge slated for Sept. 15. Bitfinex became the latest crypto exchange to throw its support behind the chain split token.While DeFi bridge hacks have become a norm this year,....