Blockchain infrastructure company Meter has confirmed a cyber breach on its platform in which attackers stole $4.4 million worth of cryptocurrencies.
The company confirmed that the attack began around 9am ET on Saturday morning. Both Meter and Moonriver networks were comprised during the attack.
Blockchain research firm PeckShield gave an estimate of the stolen funds and said 1,391 ETH and 2.74 BTC were stolen during the attack.
The company said that a “wrong trust assumption” in its extended code allowed the attacker to make fake BNB and ETH transfers, triggering the “underlying ERC20 deposit function.”
There are reported plans to compensate affected users who held WETH, BNB and the “liquidity providers.”
“We urge all the liquidity providers that provide liquidity involving WETH and BNB to remove liquidity from the pool and wait for an additional announcement from the Meter team. Please try to avoid trading in these pairs as well,” the company said.
The company is working with authorities to investigate the incident and the attacker is being asked to return the stolen money.