Meter Hit by Ongoing Attack on BNB Chain; $2.3M in Unbacked Wrapped MTRG Minted and Dumped
AI Market Summary
Blockaid reports an ongoing exploit on BNB Chain targeting Meter's Meter Passport, enabling minting of roughly $2.3M in unbacked wrapped MTRG that is being sold on PancakeSwap. The incident highlights bridge/wrapping and smart-contract risk, potentially tightening liquidity and increasing risk premia for affected tokens and adjacent DeFi venues on BNB Chain while the attack remains active.
Impact level
● Medium
Affected assets
BNB/USDT+2.52%
AI Insight · BNB/USDTAI Insight
▼ Bearish
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Blockaid monitoring indicates Meter is facing a sustained attack on BNB Chain. The attacker is abusing Meter Passport to mint large amounts of wrapped MTRG, then selling portions on PancakeSwap. Roughly $2.3 million worth of unbacked wrapped MTRG has been created across about two mint transactions, and the incident remains ongoing.
