Meter Passport minted $2.3 million in unbacked wMTRG, then part sold on PancakeSwap
Two transactions minted about $2.3 million of wMTRG with no backing behind it. Part of it sold on PancakeSwap.
Blockaid detected an ongoing exploit on Meter.io on BNB Chain on September 24, 2026.[1]
An attacker used Meter Passport to mint about $2.3 million of wrapped MTRG in two transactions, through cross-chain channels.[2][3][4][5] The minted wMTRG was not backed by the underlying asset, and the bag holds that side.[6]
Part of the $2.3 million mint then sold on PancakeSwap, on the same chain it was minted on.[2][3]
Blockaid filed the ongoing exploit on September 24. Two transactions carried the mint, and the backing is not anywhere in the record.[1][5][6]
Who gains, who loses
Receipts
Blockaid detected an ongoing exploit on Meter.io on BNB Chain on September 24, 2026.
“🚨 Blockaid detected an ongoing exploit on @Meter_IO on BNB Chain.”
The attacker used Meter Passport to mint a large amount of wrapped MTRG.
“An attacker used Meter Passport to mint a large amount of wrapped MTRG, then sold part of it on PancakeSwap.”
The attack exploited Meter Passport on BNB Chain.
“An attacker exploited Meter Passport on BNB Chain to mint about $2.3 million worth of unbacked wrapped MTRG, with some of the tokens later sold on PancakeSwap.”
Approximately $2.3 million worth of wMTRG was minted through cross-chain channels.
“Attackers are exploiting cross-chain channels to create uncollateralized wrapped tokens and have already sold portions on PancakeSwap.”
Two transactions were used to mint the tokens.
“So far, two transactions have been used to mint the tokens, and the attack remains active.”
The minted wrapped MTRG was not backed by the underlying asset.
“The minted MTRG was not backed by the underlying asset.”
Cabal Desk is reporting, written with AI under human oversight. Every bracketed number opens its receipt: the source, the quoted span, the hash. Headlines and characterisations are commentary; the sourced facts are the receipts. Not investment advice. Corrections log. Editorial & legal.