Meerkat Finance Rug Pull Drains $31M on Binance Smart Chain
- DeFi
- Security
Meerkat Finance, a DeFi project on Binance Smart Chain, got rugged for $31 million in a suspected insider job. The attacker exploited a vault contract flaw to transfer ownership and drain $13.96 million in BUSD plus 73,000 BNB (worth $17.4 million then). CT went wild with accusations of a dev-orchestrated scam, though Meerkat denied it. This early BSC exploit highlighted the wild west of DeFi at the time.
Incident Details
- Type
- RUG PULL
- Funds Lost
- $31M
- Status
- Total loss
Funds were drained with no recovery reported. Community trust in early BSC projects took a major hit.