Ongoing exploit of Meter Passport bridge results in $2.3 million loss
An exploit of Meter Passport on BNB Chain led to the minting of unbacked wrapped MTRG. The attacker sold part of the minted tokens on PancakeSwap, resulting in a loss of approximately $2.3 million.
An ongoing exploit was reported involving Meter Passport, a bridge associated with Meter.io, on BNB Chain. The attacker managed to mint a significant amount of unbacked wrapped MTRG tokens through the bridge. This exploit was detected while it was still in progress, indicating that the situation was active at the time of the report.
The mechanism of the attack involved minting unbacked wrapped MTRG, which was then partially sold on PancakeSwap. The report indicated that around $2,300,000 worth of unbacked wMTRG had been minted in approximately two transactions when the alert was issued. This suggests that the exploit was executed rapidly, allowing the attacker to capitalize on the situation before it was fully addressed.
The incident highlights vulnerabilities within the Meter Passport bridge, particularly in its minting process. The specific details regarding the BNB Chain provide context for tracing the transactions related to this exploit. However, the on-chain record does not specify any addresses involved in the minting or selling of the tokens.