Meerkat Finance has been drained by $31 million worth-of crypto assets due to a hack

According to information from the Meerkat Finance research team, its smart contract vault was compromised. And the damage this time amounted to $ 31 million. But the data on the chain shows it may not be so simple.

DeFi project Meerkat Finance drained by $ 31 million on Binance Smart Chain

Meerkat Finance, a decentralized finance project, is a yield farming pool running on the Smart Chain that went live just one day ago. The project subsequently spent about 13 million BUSD and about 73,000 BNB, a total current value of 31 million USD. Funds continue to be moved to many new blockchain addresses.

It is known that hackers have withdrawn money by modifying Meerkat’s smart contract that contains the vault business logic of the project through using the account of the original Meerkat implementer. This means that the Meerkat implementer’s private key has been compromised, or this is controlled by the project itself. What should also surprise you is that Meerkat’s website has been taken down. At the same time, Meerkat Finance’s Twitter account was also deleted.

A Binance representative said on the exchange’s official China Telegram channel that it had noticed the Meerkat project anomaly and is working with audit firms Certik, PeckShield, and Slowmist to investigate.

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