Map Protocol’s native token, MAPO, fell sharply on Wednesday after an exploit of the Butter Network cross-chain bridge. The attacker was able to mint one quadrillion MAPO, tens of thousands of times more than the token’s supply.
According to Cointelegraph, MAPO’s price fell from around $0.003 to $0.0001 within a few hours.
According to Blockaid, the attacker used a new externally owned account (EOA) to sell about 1 billion MAPO. As a result, they drained around 52 ETH, or roughly $180,000, from Uniswap liquidity pools. The attacker still holds nearly a trillion tokens, which continue to pose a threat to other pools and potential exchange listings.
Mass attacks on DeFi protocols
The incident came amid a series of attacks on DeFi and blockchain protocols. Over the past month alone, at least 18 projects have been compromised, including THORChain, Verus Protocol’s Ethereum bridge, Transit Finance, TrustedVolumes, Ekubo, Echo Protocol and RetoSwap.
Map Protocol said the vulnerability was located at the Solidity contract layer. The project paused its mainnet and began a migration while the investigation continues. Butter Network, for its part, halted ButterSwap and stressed that user funds were not at risk.
Later, Map Protocol said it would announce a new contract address and choose an appropriate time to take an asset snapshot. All remaining tokens held by addresses controlled by the attacker will be fully invalidated and excluded from any future snapshot or conversion process.
According to Etherscan, after one quadrillion tokens were minted, 1 billion MAPO was sent to Uniswap.
What is Map Protocol?
Map Protocol is an omnichain network designed for swapping bitcoin, stablecoins and tokenized assets across different blockchains. The project positions itself as infrastructure for cross-chain interoperability and connects the Bitcoin network with ecosystems such as Ethereum, BNB Chain, Tron, Solana and other blockchains.
The idea behind Map Protocol is to simplify the movement of assets and data between different networks without forcing users to remain within a single ecosystem. Such solutions are in demand in DeFi, where users and applications need access to liquidity across several blockchains at once. At the same time, the Butter Network incident showed that cross-chain infrastructure remains one of the most vulnerable segments of the crypto market: errors in smart contracts or message verification mechanisms can lead to large-scale attacks and unauthorized token issuance.
As a reminder, the Verus-Ethereum bridge was recently hacked, losing more than $11 million.
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