{"id":194126,"date":"2021-03-04T19:40:16","date_gmt":"2021-03-04T16:40:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-smart-chain-copykat-project-loses-31-million-in-possible-rugpull\/"},"modified":"2021-03-04T19:40:16","modified_gmt":"2021-03-04T16:40:16","slug":"binance-smart-chain-copykat-project-loses-31-million-in-possible-rugpull","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-smart-chain-copykat-project-loses-31-million-in-possible-rugpull\/","title":{"rendered":"# Binance Smart Chain ‘copykat’ project loses $31 million in possible rugpull"},"content":{"rendered":"

“# Binance Smart Chain ‘copykat’ project loses $31 million in possible rugpull <\/strong>”
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At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on Binance\u2019s smart contract platform, lost $31 million worth of BNB tokens. While the team initially claimed that they had been the victim of an exploit, they have since deleted<\/a> all social<\/a> channels, and due to the nature of the exploit some believe the team liquidated and pilfered user funds \u2014 a type of scam colloquially referred to as a \u201crugpull.\u201d\u00a0<\/p>\n

A fork of Ethereum-native yield vault protocol Yearn Finance, Meerkat was just a few hours old when the attack drained its vaults. On-chain transactions<\/a> show that an address upgraded the Meerkat deployer contract, granting the address permission to liquidate vault holdings. Users have now taken to Binance community channels to report their losses<\/a>. <\/p>\n

As of publication, Binance has released no official statement on the loss. <\/p>\n

Given BSC\u2019s centralized nature and the lack of a privacy-preserving \u201cmixer\u201d tool like Tornado Cash on the chain, some users are hopeful that Binance will be able to track down the responsible party and step in to mitigate the effects of the hack. <\/p>\n

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Team’s claiming it was a “hack” but the TXs don’t lead to that conclusion. <\/p>\n

Dev I talked to who looked at it said this should be catchable by @binance<\/a> due to the sheer size, 13m+, no dex that can handle BEP has enough LIQ for that. https:\/\/t.co\/tg8npVZcBi<\/a><\/p>\n

\u2014 Pen (@Crypto_Pen) March 4, 2021<\/a><\/p><\/blockquote>\n