Meter: block-validation flaw mints unbacked MTR/MTRG; ~$2.3M dumped
23 Sep 2026 ~21:14 UTC (team): Meter reported a block-validation flaw used to mint unbacked MTR and MTRG, dump on DEXs, and bridge funds out. 3M of unbacked wrapped MTRG via Passport on BNB, partly sold on PancakeSwap.
Mainnet and bridge paused; MTR and MTRG prices crashed hard. Recovery method still TBD. Meter had a prior bridge hit in 2022. Research snapshot from Meter posts and Protos.
369 take
Unbacked mint plus a passport or bridge out is the classic cross-chain printer.
Pulse lesson: any wrap / teleport that trusts validator or passport state without hard backing checks can print sellable tokens into thin books. Prefer paused chains over chasing crashed tickers.
Sources