Cryptocurrency bridge hacked, $4.4 million in damage

Now, we have heard that a crypto money platform was hacked every week. Weaknesses found in bridge platforms criticized by Vitalik Butterin have become the sole target of cyber attackers. It is noteworthy that all the platforms that have been siphoned off in recent weeks are bridges that can switch between different blockchains.

Meter Passport hacked

The latest attack news came from Meter Passport, which is also a bridge platform. Meter Passport, a bridge between Ethereum, BSC, Avax, DOT, and the Kusama platform Moonriver, has been hacked for a flaw in the algorithm through which cryptocurrencies are converted.

The attackers again pretended to deposit Ethereum, turned them into BNB and wETH coins and siphoned them off. It is stated that the amount hosed is 4.4 million dollars. The next event is more interesting.

The attackers sold the amount of BNB through Shushiswap on the Moonriver network. This sale caused the price of BNB on the network to drop by 70 percent. Buyers waiting to collect coins from the bottom did not miss this opportunity and bought BNB at the lowest price. He also used these BNBs to lend as different cryptocurrencies on Hundred Finance. Due to the imbalance in the price of BNB, there was a supply shortage in the mentioned cryptocurrencies and another $ 3.3 million loss occurred.

Hundred Finance reached out to lender users and asked them to reverse their transactions. In return, a reward was offered. Meter Passport, on the other hand, stated that it will allocate a fund of 4.4 million dollars and cover all the losses.

On the other hand, attackers who emptied the pools exchanged assets as 1391 ETH and 2.74 wBTC on the platform called Tornado Cash, which focuses on the privacy of trade. Thus, the money was laundered and became untraceable.