Meerkat drained by $31 million: A rug pull?

[TomPluz]

Meerkat Finance, a decentralized finance project, has just said it has been drained by $31 million worth-of crypto assets due to a hack. But on-chain data shows it may not as simple as that.

The team behind Meerkat Finance, a yield farming pool running on the Binance Smart Chain that went live just one day ago, claimed in its official Telegram channel around 9:00 UTC on Thursday that its smart contract vault was compromised.

The project was subsequently drained by about 13 million BUSD and about 73,000 BNB, which in total are now worth $31 million. The funds were further transferred to multiple new blockchain addresses.

Source: TheBlockCrypto

This is another unfortunate incident and confirms what we know that there are some projects are just using the popularity of DeFi, so they can scam people and be rich out of the blood and sweat of innocent victims. This is another reason why we should be careful on a project we are supporting and make sure that the people behind them can be trusted and has a good level of integrity and professionalism.