3 years ago

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

George Georgiev Mar 4, 2021 12:37

What appears to be the first major rug pull took place on Binance Smart Chain. Over $30 million worth of BUSD and BNB were 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.

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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George Georgiev

Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

Tags: BinanceDeFiHacking

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

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