- Meerkat Finance claimed to be drained by $32 million worth of cryptocurrency in a hack
- The alleged activity could be one of the biggest heists on the Binance Smart Chain
- DeFi ecosystem has faced several bigger heist over past
Meerkat Finance, a decentralized finance (DeFi) project on the Binance Smart Chain (BSC), has recently revealed that it has been drained by $32 million worth of cryptocurrencies. It is known that approximately $31.96 million worth BUSD and 73,635 BNB were included in the total amount. As the project claimed, the act could be considered as one of the largest hacks on BSC. However, following the on-chain data, the act doesn’t seem as simple as it looks. The latest project on the BSC claimed that its system was hacked earlier. The main web page of the project cannot be accessed, which indicates that the team has run with the funds.
Meerkat Finance raises eyebrows on biggest BSC hack
Meerkat Finance launched late on Wednesday, on the BSC chain. Within twenty-four hours, the project was observed to get away with $32 million in funds. Following the act, traders on the platform have requested Changpeng Zhao. Indeed, Zhao is now expected to be looking into the matter.
According to Meerkat Finance, the act occurred due to a smart contract alteration. The hacker is expected to have made changes to the project’s vault business logic using its deployer account. Following the above-mentioned way, it seems like the operators themselves have altered the core business logic of the platform to launder funds. Or maybe the private key was compromised. However, Binance has not made any official statement yet.
BSC has gained several tractions over recent months
Binance Smart Chain has seen a lot of attention in recent months due to high transaction fees on the Ethereum blockchain. Several DeFi projects have migrated to the BSC platform following the scalability and high fees issues. However, the chain’s rising popularity helped its native token Binance Coin (BNB) to achieve new all-time highs. With the surge of BNB, it was observed that several projects’ coins like PanCake Swap have also achieved new ATH with soaring trading volumes. Where the blockchain was soaring, Meerkat Finance could play a spoilsport now.
DeFi ecosystem has faced several big heists
As the DeFi ecosystem’s popularity roared in the crypto market, many protocols have faced hacks, rug pulls, and exit scams. In the last bullish market, the popularity of initial coin offerings (ICO’s) led to a series of fraudulent projects. Many projects emerged in the market claiming to be the next big crypto asset and vanished overnight with investor’s fund. However, following the previous rug pulls, it seems like the current rug pull in the DeFi market seems to be the biggest heist.