Binance Smart Chain DeFi Project Hacked for $31 Million


Meerkat Finance on Binance Smart Chain has allegedly run off with more than $31 million in a bold hack.

Vault 1 of the DeFi application Meerkat finance, a clone of  Yearn Finance on Binance Smart Chain, was drained for $31 million this morning. 

Meerkat Finance Hackers Tinker With Binance Smart Chain Smart Contract 

The hackers implemented a change in the ownership of the smart contract address on Meerkat Finance at 9 am UTC. Soon after, they began withdrawing from the smart contract to multiple addresses. 

The hacker’s primary BNB address is identified on the blockchain, tagged as “FakePhishing17” on BSCscan, which received 73,635.23 BNB worth $17.67 million. The remaining $13.9 million in BUSD was sent to other addresses in smaller amounts. 

At press time, the FakePhishing17 address has also moved the BNB to other wallets in seven transactions of 5,000 BNB each, one in 10,000 BNB, one transaction over 23,000 BNB, and other small transactions. 

Numerous users of the platform have reached out on the Binance community page lamenting their losses. 

According to media reports, the Meerkat Finance team made a brief note about the hack in Telegram but have since disappeared from all social media platforms. Their website and Twitter accounts are disabled, and the Telegram group is now deleted too. 

Distressed users have reached out to Binance CEO Chanpeng Zhao, hoping that the CEO can track down the money. CZ has not replied to any comment on Twitter.

Nonetheless, the activity on the hacker addresses shows that the transactions are primarily conducted using DeFi avenues like PancakeSwap instead of moving to a centralized exchange.

June 12, 2024

Chainlink, Dogwifhat, and Rebel Satoshi (RBLZ) Are 3 Cryptos Turn Your..

June 12, 2024

CMT Digital, known for its deep interest in the blockchain ecosystem..

June 12, 2024

Binance Exchange has announced its plans to delist some trading pairs..

ads-image ads-image