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

Hackers withdrew cryptoassets 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.

Meerkat Finance began operations a day before the incident. At the time of writing project site unavailable and Twitter account removed.

According to blockchain observer, assets are distributed among several wallets. The alleged attackers modified the project’s smart contract using the developer 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 blockBinance has recruited experts from audit firms Certik, PeckShield and Slowmist to investigate.

Group of victims “Meerkat_Rugpull” Telegram already has 209 members.

In early February, ForkLog reported exit scams of four projects at BSC

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 are updated records

Previously blocked funds in PancakeSwap protocol based on 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 on the capitalization of the cryptocurrency market.

ForkLog previously reported that the AMM platform 1inch has released a governance token on the Binance Smart Chain

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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