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BCH $551.62 (1.83%)
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Meerkat Finance Alleged of $31M Exit Scam After BSC Launch

Meerkat Finance Alleged of $31M Exit Scam After BSC Launch
  • DeFi yield farming project Meerkat Finance reported a hack amounting to $31 million one day after it launched on Binance Smart Chain.
  • Reports suggest that the hack was in fact an exit scam.
  • Binance has started investigating the Meerkat hack.

Decentralized finance (DeFi) yield farming project Meerkat Finance reported that it was hacked for $31 million, one day after launching on Binance Smart Chain. However, a report alleges that it was in fact an exit scam.

Specifically, the hackers ran off with 73,653 BNB and 13 million BUSD and transferred to multiple blockchain addresses, which amounts to $31 million. These persons modified Meerkat Finance’s smart contract which contained the funds to accomplish the said act. Interestingly, they used the original deployer’s account of Meerkat.

Additionally, Meerkat Finance’s official website and Twitter accounts have now vanished like smoke.

Meerkat Finance’s website now for sale
Meerkat Finance’s website now for sale

Meanwhile, Binance caught wind of the situation and has started investigating the act. In fact, Binance opened a link where Meerkat investors can report any information related to the event. Also, Binance will keep a lookout if any of the lost funds make their way into Binance exchange. Essentially, the exchange is not mutually tied to projects built on Binance Smart Chain.

Furthermore, Binance has started working with a number of auditing firms to investigate the hack.

Meerkat Finance was a protocol that focused on yield farming. It replicated the popular DeFi platform Yearn.Finance, although the former launched on Binance Smart Chain. On the other hand, Yearn uses the Ethereum blockchain, which is the most popular smart contract network for DeFi applications.

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An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.