Alleged Hacking of a DeFi on Binance Smart Chain Leaves Over $ 30 Million in Losses

The service for decentralized finance (DeFi), Meerkat Finance, suffered an alleged hack that led to the diversion of more than $ 31 million in cryptocurrencies. The alleged theft occurred this Thursday, March 4, just 1 day after its activation on the Binance Smart Chain (BSC).

Vault 1 of the platform for the yield farming or “yield harvest” was drained with 73,635 BNB, worth $ 17.6 million at the time of the hack. The rest of the funds involved were $ 13.9 million in stablecoin Binance USD, according to a report de Crypto Briefing.

One of the addresses used for the mobilization of BNB was identified on the blockchain as “Fake_Phishing17”, according to the service BscScan. The pirate then made other transactions to external wallets for multiple amounts.

The service DeFi He made the situation known on Thursday morning through his official Telegram channel. However, there are suspicions that it could be a exit scam or exit scam Since the Web page of the service and its bill on Twitter they were closed.

“The joint security team is monitoring the situation at Meerkat Finance. If the money flows to the exchange, it will be frozen as soon as possible. BSC is an open source ecosystem and Binance is not directly connected to the projects built on it ”, Indian a Binance spokesperson quoted by Coindesk.

The reports indicate that those involved implemented a change in the ownership of the management of the smart contract. The data indicates that the private key of the Meerkat Finance deployer was compromised, according to a report by The Block. The auditing companies Certik, PeckShield and Slowmist are also participating in the investigations.

Complaints from Meerkat Finance and Binance users

Affected users expressed their concern for what happened and demanded an answer for the funds diverted. One of them was the operator identified as returnity who highlighted the following in a forum enabled by Binance.

Looks like I’ve been scammed. Compared to other victims, the amount I lost is trivial, but I want to get it back regardless. Here are the transactions where I have sent them some amounts of BNB for staking, “said the affected.

Another injured party was the operator kgemasa who explained that he had deposited “1,000 BUSD and they disappeared in a matter of minutes. I should have known something was wrong when the website and deposits were kind of slow and unresponsive. “

On the Twitter account @WuBlockchain, dedicated to investigations related to blockchains, it was reported that what happened with Meerkat Finance could be the Largest fraud occurred on the Binance Smart Chain, a platform that competes with Ethereum for the development of decentralized applications.

BSC’s service has grown significantly in recent months. CriptoNoticias reported on March 3 that, during February, the chain surpassed Ethereum in users and transactions carried out.

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