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

In Brief

  • A yield farming project on Binance Smart Chain was hacked for $31 million.
  • Their website, twitter account, and telegram channel are down, indicating a rug pull by developers.
  • The hackers are using DeFi avenues to move the stolen funds.

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The BNB-BUSD yield farming “Vault 1” of the DeFi application Meerkat finance – a clone of Yearn Finance on Binance Smart Chain, got drained for $31 million on Thursday.

Meerkat Finance Hackers Siphon Smart Contract Funds

The hackers coded in a change in the ownership of the smart contract address on Meerkat Finance on Thrusday morning. Soon after, the siphoned funds from the smart contract to multiple addresses.

The hacker’s main 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 various other addresses in bite sized amounts.

The FakePhishing17 address 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 transactions.

Several platform users 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 disappeared from all social media platforms. Their website and Twitter accounts are disabled, and the Telegram group is now deleted as well.

This has all the makings of a scam project on the Binance Smart Chain.

Distressed users reached out to Binance CEO Chanpeng Zhao, hoping that the CEO can sort it out.

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

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