A recent exploit targeting Meta Pool resulted in the attacker walking away with just over $132,000 worth of Ethereum
$2,182.54
, despite mining nearly $27 million in tokens.
Meta Pool stated in a blog post published on June 17 that this was due to a combination of low trading activity in the token’s markets and a fast response from Meta Pool’s team, who paused the affected smart contract soon after identifying the issue.
The attacker exploited a flaw in Meta Pool’s “fast unstake functionality”, according to co-founder Claudio Cossio.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What Are Flash Loans? TOP Ways to Make Passive Income Explained
Normally, when someone unstakes their cryptocurrency, there is a delay before they can use it again. The fast version skips that waiting period under certain conditions. This shortcut allowed the attacker to issue 9,705 units of mpETH, the platform’s token used for staking.
According to Meta Pool, the exploit used the ERC4626 mint() function to create these tokens without proper permission. The attacker then tried to swap the fake mpETH for actual ETH across different pools on Ethereum and Optimism. They were able to get only 52.5 ETH, which was worth just over $132,000.
PeckShield confirmed that the contract had a major flaw, but the limited market depth of mpETH made it hard to profit from. Some of the swap pools targeted had very little liquidity, which kept the losses low.
Meta Pool’s team reassured users that all staked Ethereum remains safe. Those funds are handled by operators on the SSV Network, who continue to validate transactions and earn staking rewards.
On June 14, blockchain security firm SlowMist reported that a crypto holder lost nearly $6.9 million. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
