Hackers withdrew crypto assets worth ~ $ 32 million (13.96 million BUSD and 73,635 BNB) from the Meerkat Finance protocol based on the Binance Smart Chain. 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 started operations a day before the incident. At the time of this writing, the project site is unavailable, and Twitter account removed.
According to a blockchain observer, the assets are spread across multiple wallets. The alleged attackers modified the project’s smart contract using the developer’s account. Thus, hackers could get the keys of the founders, or this is an exit scam.
The Meerkat Finance incident is the largest in Binance Smart Chain (BSC) history.
According to The Block, Binance has recruited experts from audit firms Certik, PeckShield, and Slowmist to investigate.
The group of victims “Meerkat_Rugpull” in Telegram already has 209 members.
Despite its relatively high centralization, Binance Smart Chain has begun to attract an increasing number of DeFi users. The reason is the lower fees compared to Ethereum, where they updated records.
Previously, the volume of blocked funds in the PancakeSwap protocol based on the Binance Smart Chain exceeded $ 4 billion. The daily volume of BSC transactions was more than double that of Ethereum.
The outflow of liquidity from DeFi protocols to Ethereum in BSC allowed the native Binance token to rise to the third line in terms of cryptocurrency market capitalization.
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