DeFi project Meerkat finance is suspected of being hacked, or loses 31 million US dollars by jovrick

hive-110112 · @jovrick · Mar 6 '21

$2.44

DeFi project Meerkat finance is suspected of being hacked, or loses 31 million US dollars

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<p><img src="https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmd552aPJSMtJCr3GyVvtrqcphZzEL6gHEuSHSMmJxgvvx/download.jpeg" alt="download.jpeg"/></p>
<p>One day after the Binance Smart Chain launched, Meerkat Finance, a decentralized finance project, today announced that hackers stole US $ 31 million from wallets. However, the investors thought something was going to happen: They thought the Meerkat developers had fled with cash.</p>
<p></p>
<p>According to The Block&#x27;s report, a message published this morning in the Agricultural Yield Agreement claimed that someone had attacked his wallet. Soon after, someone looted 31 million US dollars in the project vault, including 13.96 million US dollars of the stable currency Binance BUSD, and about 17.4 million US dollars worth of 7.3 billion US dollars in the cryptocurrency Binance.</p>
<p></p>
<p>Since then, the project&#x27;s Twitter account and website have gone offline, and the founders cannot be contacted. This has led to allegations of fraud. A well-known Chinese crypto blogger Wu said Blockchain wrote on Twitter, &quot;This is probably the biggest scam project on Binance Smartchain.&quot;</p>
<p></p>
<p>According to The Block&#x27;s report, a Binance representative told the exchange&#x27;s Telegram channel that he was investigating the alleged &quot;rug pulling&quot; incident and linked to a community support page.</p>
<p></p>
<p>The Binance Smart Chain is Binance&#x27;s blockchain. Critics say that it is centralized and therefore does not fit the scope of the technology&#x27;s commitment to decentralization, as Binance can cancel on-chain transactions. However, if Meerkat Finance is proven to be a scam, it might benefit investors who have just lost funds due to a smart contract that was launched just one day ago.</p>
<p></p>
<p>While Binance was putting out the flames, it had to put out more flames to counter accusations that many of the projects on its network were Ethereum copycats. Music Beats, a clone version of EulerBeats&#x27; Ethereum NFT project, also suddenly shut down earlier this week shortly after its initial release.</p>
<p></p>
<p>BSC developers should wisely avoid copying everything on Ethereum, which has also suffered from scams and Ponzi schemes.</p>
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