Binance Smart ChainCointelegraph.comDeFiExploitHackMeerkcat FinanceRugpull

Dev says $31 million Meerkat Finance exploit was a ‘test’; will return funds

DeFi is “flourished by human greed,” according to a developer for the exploited project
There may be good news on the horizon for the victims of one of DeFi’s largest-ever exploits. At 5:30 AM UTC today, a Meerkat Finance developer identifying themselves as “Jamboo” posted a short message in a newly-created Telegram channel, “Meerkatrefunds.” In it, Jamboo said that the exploit was a “trial” testing users’ greed and “subjectivity,” and that the team was preparing to refund all victims. Jamboo provided proof of their association with Meerkat by sending a small transaction from the Meerkat deployer, demonstrating that they have access to the exploited contract (or communicates with someone who does). The transaction was processed on the Binance Smart Chain network roughly twenty minutes after Jamboo’s Telegram post. Meerkat was a yield vault project that forked Yearn.Finance’s code — one of many forks of Ethereum-native protocols that populate BSC. The attack on Meerkat initially took place on March 4, resulting in a loss of 73,000 BNB and $14 million of stablecoin BUSD — a total of $31 million in user funds. Members of the community were quick to label the exploit as a “rugpull” — a colloquial term for when an insider or a member of a development team exploits a contract using specialized permissions — given that the Meerkat deployer contract was updated to allow the vaults to be drained shortly before the attack. Some thought that the exploit would be a test of Binance Smart Chain’s claim to decentralization. BSC is run …
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