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#BNB Chain

News, articles, and expert forecasts about the BNB Chain blockchain, founded by the Binance team. BNB cryptocurrency news.

DeFi project Meerkat Finance on Binance Smart Chain suspected of exit scam

DeFi project Meerkat Finance on Binance Smart Chain suspected of exit scam

Hackers drained Meerkat Finance on the Binance Smart Chain of crypto assets worth about $32 million (13.96 million BUSD and 73,635 BNB). Users suspect the project developers of an exit scam. 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 a blockchain analyst, assets are distributed across several wallets; the alleged attackers altered the project's smart contract using the developers' account, suggesting the founders' keys may have been obtained, or this was an exit scam. The Meerkat Finance incident is the largest on the Binance Smart Chain to date. The Block reports that Binance has engaged investigators from Certik, PeckShield and Slowmist. The Telegram group of victims, “Meerkat_Rugpull”, now has 209 members. In early February, ForkLog reported on {{AOPEN_1}} exit scams of four projects on the BSC {{ACLOSE_1}}. Despite the relatively high centralization, Binance Smart Chain has attracted more DeFi users due to lower fees than Ethereum, where fees were at record highs. Earlier, the amount locked in PancakeSwap on the Binance Smart Chain {{AOPEN_3}} exceeded $4 billion {{ACLOSE_3}}. 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 {{AOPEN_4}}{{ACLOSE_4}}. Earlier ForkLog reported that AMM platform {{AOPEN_5}} 1inch released a governance token on Binance Smart Chain {{ACLOSE_5}}. Subscribe to ForkLog news on Twitter.
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