Hackers drained from the Meerkat Finance protocol on the Binance Smart Chain crypto assets worth about $32 million (13.96 million BUSD and 73,635 BNB). Users suspected the project developers of an exit scam.
BSC project Meerkat Finance is suspected of being rug, taking away 13.96 million BUSD, and the other 73,635 BNB. MKAT claimed to be hacked and stole all resources. Currently the project website cannot be opened. This may be the largest fraud project on the binance smart chain. pic.twitter.com/KbdclfDBKA
— Wu Blockchain (@WuBlockchain) March 4, 2021
Meerkat Finance began operations just a day before the incident. At the time of writing the project site was unavailable, and the Twitter account had been deleted.
According to the blockchain analyst, assets are distributed across several wallets. The alleged attackers altered the project’s smart contract using the developers’ account. Thus, the hackers could obtain the founders’ keys, or this was an exit scam.
The Meerkat Finance incident is the largest in the history of Binance Smart Chain (BSC).
According to The Block, Binance has enlisted investigators from auditing firms Certik, PeckShield and Slowmist.
The victim group “Meerkat_Rugpull” on Telegram now has 209 members.
In early February ForkLog reported about exit scams of four projects on the BSC.
Despite the relatively high centralization, Binance Smart Chain has attracted more DeFi users due to lower fees than Ethereum, where they hit records.
Earlier, the amount locked in PancakeSwap on the Binance Smart Chain exceeded $4 billion The daily volume of BSC transactions was more than twice that of Ethereum.
The outflow of liquidity from Ethereum DeFi protocols to BSC allowed Binance’s native token to rise to third place by market capitalization.
Earlier, ForkLog reported that AMM platform 1inch released a governance token on the Binance Smart Chain.
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