California based blockchain infrastructure company Meter is the latest victim of a cyber attack, losing $4.4 million on Saturday in eth and btc.
According to blockchain analytics firm PeckShield, Meter experienced a loss of around $4.3 million, including 1391.24945169 ETH and 2.74068396 BTC.
Meter responded via Twitter, sharing a few details regarding the hack with their community:
“Unfortunately Meter Passport was hacked a few hours ago. Please do not trade the unbacked meterBNB that is circulating on Moonriver.We have identified the issue: Passport has a feature to automatically wrap and unwrap gas tokens like ETH and BNB for user convenience.”
With the growth of DeFi and blockchain platforms, and due to the huge amounts of transactions in the space, cybercriminals have been actively targeting this industry, leading to the loss of billions of dollars in stolen assets.
Chris Hauk, Consumer Privacy Champion at Pixel Privacy commented on why blockchain platforms have become a target for cybercriminals:
“The problem is, by their very design, DeFi and blockchain platforms make it incredibly difficult to track or intercept cybercriminals. And once the money or data is gone, it usually stays that way. Our advice to anyone new to the space is to stick to reputable platforms and currencies (the space is also rife with exit scams) and do your research before making any serious commitments – financial or otherwise.”
Meter added that they are working on compensating all users affected by the hack.
Unfortunately Meter is only the latest in a series of cyber hacks that has affected the community in recent months. Cross-chain protocol Wormhole recently reported a significant hack which resulted in nearly $323 million worth of ETH being stolen. A week prior to that, Qubit Finance was the victim of an attack which saw the platform lose $80 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.