A decentralized finance project built on the Binance blockchain loses $31 million on its first day
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Answer A decentralized finance project built on the Binance blockchain loses $31 million on its first day
Just one day after launching the “Meerkat Finance” project on the “Binance Smart Chain” the project management “Meerkat Finance” yesterday issued a message that hackers stole $31 million from their digital wallets.
Although the project management has authorized the hack, the investors believe that there is a fraud on the part of the developers of the project and believe that they stole their money and ran away with it.
The project management indicated that there was a defect in the “Yield Farming” protocol in the project, which enabled one of the hackers to break into the project’s wallets, according to a report issued by Bloc.
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According to the project management, shortly after the intrusion, the hacker exhausted the project’s wallet containing $31 million consisting of 13.96 million BUSD and 73,000 BNB, worth about $17.4 million.
After the alleged hack, the project’s Twitter account and website are now offline and the founders are inaccessible.
Which made many followers see that the project is fraudulent to be the largest fraud project based on the Binance Blockchain.
A Binance moderator stated on Telegram that Binance has investigated the project and uncovered the exact circumstances of what happened.
Many decentralization enthusiasts attack that the Binance blockchain is centralized and controlled by Binance and can reverse and undo transactions.
Accordingly, if it turns out that the “Meerkat Finance” project has pulled the rug out from under the legs of its investors, it may be useful to back down from transactions for investors who have lost their money.
While Binance is putting out this fire, it must also put out several others, most notably responding to allegations that many projects on its network are counterfeiting Ethereum.
The Binance blockchain-based “Musical Beats” was earlier shut down, after it was proven to be a purported copycat of the Ethereum-based “EulerBeats” project.
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