Analysis of the Meter Bridge Exploit

On Feb 5, 2022 an exploit of the Meter bridge was revealed. In this article, we will review how this occurred, and how it could have been prevented. The Meter bridge works similar to basic bridge principles, whereby assets are sent to a vault contract on the source blockchain, locked in that vault, and a watcher on the second blockchain mints the same form and value of that asset on the second blockchain. A good summary of how bridges function can be found in an earlier publication I shared here and here.

Originally published at https://medium.com on February 18, 2022.