Binance Smart Chain ‘copykat’ project loses $31 million in possible rugpull By Cointelegraph

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Binance Smart Chain ‘copykat’ project loses $31 million in possible rugpull

At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on Binance’s 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 all social channels, and due to the nature of the exploit some believe the team liquidated and pilfered user funds — a type of scam colloquially referred to as a “rugpull.”

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 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.