Meerkat, a DeFi project, raises eyebrows with a rumored $31 million hack a day a

[Cordillerabit]

Meerkat Finance, a decentralized finance project, claims to have been robbed of $31 million in crypto assets just one day after launching on the Binance Smart Chain.

According to The Block, the Meerkat Finance team announced via its Telegram channel around 9:00 UTC Thursday that its smart contract vault had been hacked.

The DeFi project was robbed of over $31 million in total, including 13.96 million BUSD and 73,653 BNB (both Binance tokens).

On-chain data points to the original Meerkat deployer's account being used to alter the smart contract, according to the report, raising suspicions that it may not be a simple case of a hack. This suggests it was carried out by Meerkat itself, unless the project's private key was compromised.

The disappearance of Meerkat's website and Twitter profile adds to fears of an exit scam.

“The joint security team is keeping an eye on the Meerkat Finance situation,” a Binance spokesperson told CoinDesk, adding that the company will keep the community updated as soon as possible.

“If money enters the exchange, it will be frozen as quickly as possible. Binance is not directly connected to projects built on BSC because it is an open-source ecosystem, according to the company.

Source: Bityard