First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained

• Binance Smart Chain has become somewhat of a hot topic amid DeFi gem seekers in the past few weeks.
• The network saw an influx of new projects, reminiscing of the early days of the DeFi craziness last summer.
• In any case, hours ago, the community was shocked earlier today when news broke out that one of the newer protocols, Meerkat Finance, was drained.
• Meerkat Finance is a yield farming protocol that runs on Binance Smart Chain, and a few hours ago, the team revealed that it was “hacked” and drained by 73,000 BNB and 13 million BUSD. The total number amounts to roughly over $30 million at the time of this writing.

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

• It appears that the alleged hacker stole the money by changing the protocol’s smart contract using the original deployer’s account. In other words – the private key of the deployer contract must have been compromised.
• The Twitter account of the project, as well as the website, have also been taken down, causing some to believe that the team rug pulled the entire thing.
• Meanwhile, the official account of Binance prompted the community to provide any additional information they may have on the case.

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— Binance Chain Community (@BinanceChain) March 4, 2021