Multi-Chain Liquid Staking Protocol Metapool suffered from smart contract exploits on Tuesday, resulting in $27 million losses.
Blockchain security company Peckshield reported that a bug in the protocol staking contract allowed users to freely mint MPETH, protocol liquid staking token (LST).
The attacker was able to mint $27 million worth of tokens, but the lack of liquidity in UNISWAP meant that only 10 ETH equivalents ($25,000) could be exchanged.
The Ethelsker transaction before the Exchanging Transaction showed that an account labeled “Mev Frontrunner Yoink” had removed 90 ETH equivalent liquidity from the pool.
Metapool has not yet posted updates on social media exploits. According to Defillama, the total value of the project is locked (TVL) at $75 million, and the protocol’s MPDAO governance token is trading at $0.02 with a minimum volume.
According to Certik, the exploit continued its trend since May, with investors losing $303 million in hacking, fraud and exploitation.
Read more: Polyhedra condemns ZKJ’s sudden 80% price drop liquidity attack, promises buyback
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