Today, at around 9 UTC, Meerkat, the Decentralized Financial Protocol (DeFi) on Binance’s smart contract platform, lost $ 31 million in BNB coins. Although the team initially claimed that they were exploited, they have since removed all social channels, and due to the nature of the exploitation, some believe the team destroyed and looted user funds – a type of scam called “Rugpull”. ”
Mierkat, who had Yearn Finance’s original Ethereum storage protocol tricky, was only a few hours away when the attack depleted her treasury. The transactions in the chain show that the title promoted the meerkat distribution contract, and the title gave permission for the liquidation of Treasury shares. Users have now gone to Binance’s public channels to report the loss.
At the time of publication, Binance had not released an official statement regarding the losses.
Given the centralized nature of BSC and the lack of a privacy tool like Tornado Cash on the chain, some users are hoping that Binance can track down the responsible party and intervene to reduce the impact of a hack.
However, Binance has not yet thwarted BSC traffic in this way, despite some serious defamation in the form of a racist breeding project released last week.
The seizure or exploitation of rye currently continues to be of concern to BSC users.
Last week, Project Yeld, the original Ethereum storage project, received all the money from DAI stable storage. In a blog post that was removed by the page, the team warned that the exploit was the result of a bug in the code they rejected from Yearn, which the Yearn team has since fixed. Dozens of other fork projects could be suspended in the same way, they said.
While forex is prevalent in Ethereum DeFi circles, BSC has taken it to a technical level: many basic Ethereum decentralized apps and even tech projects have an exact replica of Binance, meaning that previous attack vectors that have plagued DeFi in the summer may have reopened. …
Aside from centralizing and diversifying risks, the appeal of cheap BSC transactions was too strong for many Ethereum developers to resist. Numerous teams including Harvest Finance, Value DeFi, Sushiswap and 1 inch have announced the apps in this series.