As per the latest reports, Meerkat ended up losing a huge batch of BNB tokens that was worth around $31 million. The sources claim that the platform ended up losing $31 million worth of BNB tokens around 9 am UTC on March 4, 2021. Meerkat operates on a smart contract platform for Binance and is prominent decentralized finance (DeFi) protocol.

Initially, the team at Meerkat claimed that the money was lost as a result of an exploit that was executed by hackers. However, the platform seems to have removed all such posts, comments, and claims made around the exploit since then from all social media platforms.

There are now many users who are doubting that the team at Meerkat might be behind the exploit. It is being speculated that the teams at Meerkat are behind this act as they might have exploited the tokens and then liquidated them.

While the news itself was concerning, further revelations into the matter were even more shocking. It has been revealed that the BNB tokens exploited from the platform belong to the users. There are many who are now referring to the recent incident as a “rugpull” which is a type of scam.

Meerkat is a part of Yearn Finance that was launched to act as a yield vault protocol and is native to Ethereum. It had only been a few hours since the project “Meerkat” project had gone live and this incident took place.

In a few hours’ time, the Meerkat protocol was attacked that resulted in its vaults getting drained and emptied in the process.

The incident is still undergoing thorough investigations but it has been revealed that the deployer contract on the Meerkat platform was upgraded by an address. Later, the address used the particular contract to allow it access to extract funds from the vaults once that was done, the address successfully carried out the liquidation.

After the recent incident, the users are now approaching Binance where they are reporting the incident. The social media channels for Binance are currently filled with unhappy and concerned users from the Meerkat platform. The majority of the users on the platform are reporting their losses and demanding a quick solution around the matter.

As of now, Binance has not made any statement in order to provide a clear explanation of the matter. It seems that Binance is now dealing with the matter internally and is trying to establish the root cause of the exploit.

The majority of the users have expressed their satisfaction over Binance, stating that the Binance team will definitely find a solution to the problem. Users are hopeful that Binance will get to the bottom of this and will be using the tracking tool in order to find the real culprits behind the exploit.

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