Meter Network Under Sustained Attack on BNB Chain
TREE NEWS reports: Meter, a dual-chain protocol that bridges its native MTRG token across Ethereum and BNB Chain, is facing an ongoing exploit. An attacker has been abusing the Meter Passport bridge to mint large amounts of wrapped MTRG (wMTRG) on BNB Chain and selling portions of the illicit supply on PancakeSwap.
The attacker has reportedly minted approximately $2.3 million worth of wMTRG, a significant sum relative to the token’s typical on-chain liquidity. The exploit appears to be active, meaning the attacker may continue to mint and dump tokens unless the bridge is paused or patched.
How the Attack Unfolded
Meter Passport is the cross-chain bridge that allows users to move MTRG between Meter’s mainnet and BNB Chain. Bridges typically lock assets on the source chain and mint wrapped representations on the destination chain. If the minting logic is flawed or a privileged key is compromised, an attacker can mint unlimited wrapped tokens without collateral.
Blockaid’s monitoring flagged the suspicious minting activity, which was followed by swaps on PancakeSwap. The attacker likely swapped wMTRG for BNB or stablecoins, extracting real value from the pool and leaving liquidity providers with worthless or heavily devalued tokens.
Industry Implications: Bridge Security Remains a Critical Weak Point
This incident is the latest in a long line of bridge exploits that have plagued DeFi. Cross-chain bridges hold billions in user funds and are frequent targets because they often rely on complex smart contracts and centralized validation. The Meter attack highlights several recurring issues:
- Minting without collateral: If a bridge’s mint function can be triggered without corresponding locked assets, it becomes a money printer for attackers.
- Liquidity fragmentation: Wrapped assets on BNB Chain often have thin liquidity, making them easy to manipulate and dump.
- Slow response: Once an exploit is live, the window to pause contracts and rescue funds is narrow.
The attack also underscores the importance of real-time monitoring tools like Blockaid, which can detect anomalous minting and alert the community before losses spiral further.
What’s Next for Meter and Its Users
Meter’s team has not yet issued a public statement, but the community will be watching for a pause of the Passport bridge and a post-mortem. If the bridge cannot be secured, wMTRG on BNB Chain may become worthless, and holders could face significant losses.
For the broader DeFi ecosystem, the incident is a reminder that bridge design must prioritize invariant checks, rate limits, and decentralized validation. Until then, cross-chain assets will continue to carry elevated risk.
Investors in wrapped assets should monitor official channels for updates and consider the liquidity and security of any bridge before interacting.
