MetaPoint Platform Was Hacked for Almost $1 Mln

There has been another hack in the crypto market. This time, the Metaverse platform was the victim. The project lost almost $1 mln. MetaPoint was hacked on April 12, the attacker stole 2515 BNB. The hacker also transferred the funds to Tornado Cash, which will make it harder for victims to recover damages. MetaPoint has yet to make an official statement about the incident and whether there is a plan for a refund.

The attacker used one of the smart contracts on the platform. If the user makes a deposit, the transaction creates a new contract and deposits assets into that contract. According to the analyst, the problem is that this contract has a feature called «approve» that gives the caller access to $META tokens without any restrictions. The attacker was also able to redeem 36,800 POT tokens worth $63,000.

The MetaPoint team announced on Telegram about the hack and the suspension of all operations. They have identified vulnerabilities and are currently working on fixes. Less than a day had passed since the hack, and the theft could have been much larger. The POT token is trading at $1.74 at the time of writing, having lost 77% in the last 24 hours. At its peak, the token was worth $35.71.

Image: Simplilearn

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