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October 5, 2022
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Meerkat lost USD 31 million in BNB –

Today around 9:00 am UTC Meerkat, a decentralized financial protocol (DeFi) based on Binance’s smart contract platform, lost $ 31 million worth of BNB tokens. What happened?

Meerkat robbed users?

The development team initially claimed to have fallen victim to an exploit, a program designed to exploit existing software bugs that could help hackers take control of the project. But at the same time, Meerkat’s social channels disappeared from the network. So some believe that the developers of the project stole user funds. Is it possible?

Blockchain data showsthat the project address has updated the Meerkat Implementation Agreement, thus allowing the decommissioning of resources. Users now report their losses directly on Binance’s social channels.

Currently, Binance has not yet released an official statement on the case.

Binance will find the perpetrators?

The case is suspicious. However, given the centralized nature of BSC and the lack of the so-called For a “mixer” that additionally protects privacy on the Internet, it can be hoped that Binance will be able to track down those responsible for what happened and somehow mitigate the effects of a potential hack.

Last week, the Yeld project was also stripped of all its resources. In a blog post, the team warned that the exploit was the result of a bug in the Yearn code that developers had already patched. It is possible, however, that Meerkat has now experienced a similar problem.

The problem lies in the forks popular on the market, which can generate some gaps and problems of this type each time.

Interestingly, the attack happened right now, not long after Binance CEO CZ was touting its network and criticizing Ethereum. We wrote about it here. It is about a post in which CZ pointed to the Achilles heel of the Vitalik Buterin project: high transaction fees. According to him, only wealthy users can afford Ethereum trading fees today.

Binance Smart Chain is a blockchain that allows you to execute smart contracts. And it does it maybe even more efficiently and economically than Ethereum. Now, however, a scratch may potentially appear in his image.

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