Meerkat Finance, a Decentralized Finance project, running on Binance Smart Chain is drained by $31 million worth of crypto assets due to a hack. The project was subsequently drained by about 13 million Binance USD (BUSD) and about 73,000 Binance Coin (BNB) collectively calculating up to $31 million.
Meerkat Finance is a yield farming pool running on the Binance Smart chain that was live yesterday. On-chain data shows that hackers have drained the funds altering Meerkat’s smart contract. The team officially claimed on its Telegram channel that the contract vault was compromised. The hackers altered the Smart Contracts that contain the project’s vault business logic using the original Meerkat deployer’s account.
This is suggesting two possibilities, either the private key of the respective deployer’s account was compromised or this is self-directed by the project. What’s also raising eyebrows is the parallel incidences of deleting Meerkat’s Finance’s Twitter account and their website down.
Also, the news of leaked documents last October questioned Binance corporate structure to intentionally deceive US regulators and profit investors secretly.