Multi-chain liquid staking protocol Meta Pool has encountered a significant issue, losing $27 million due to a smart contract exploit on Tuesday. The incident was noted by blockchain security firm PeckShield, which revealed that a bug allowed for unrestricted minting of mpETH, the protocol’s liquid staking token.

Despite minting $27 million worth of tokens, the attacker faced limitations due to low liquidity on Uniswap, managing to exchange only $25,000. An analysis of a preceding transaction indicated that “MEV Frontrunner Yoink” withdrew 90 ETH from the liquidity pool.

Meta Pool has not yet provided any updates on social media regarding the exploit. The total value locked in the project remains at $75 million, while the governance token MPDAO is trading at approximately $0.02 with low trading volume.

This incident adds to a troubling trend with $302 million lost in exploits, scams, and hacks occurring in May alone.