Major Rug Pull Has Just Occurred On Binance Smart Chain, $30M Drained

A major rug pull has just occurred on the Binance Smart chain with more than $30 million drained in what seems to be the biggest event of this kind to ever happen on the BSC so let’s read more in our latest binance news.

The Binance Smart chain became a hot topic in the DeFi space over the past few weeks and the network saw an influx of new projects that were a reminder of the early days of the Defi craziness back in 2020. In any case, a few hours ago, a major rug pull occurred on the Binance Smart chain as the Meerkat Finance protocol was drained out of $30 million. Meerkat Finance is another farming protocol that runs on the Binance smart Chain and a few hours ago, the team revealed that it was hacked and more than 13 million BUSD and 73,000 BNB was drained with the amount reaching $30 million at press time.

The BSC project Meerkat Finance is suspected of being rug where 13.96 million BUSD was drained and another project MKAT claimed to be hacked which could be the biggest fraud project on the binance smart chain. It seems that the alleged hacker stole the money by changing the smart contract of the protocol by using the original deployer’s account which is basically the private key of the deployer contract that had to have been compromised. The Twitter account of the project was also taken down and caused some users to believe that the team pulled the rug pull on itself.

In the meantime, the official account of the Binance exchange prompted the community to provide more information about the case:

“If you have more information about https://t.co/aGERcVUoMg, please share with us.https://t.co/G29ksXShcl

— Binance Chain Community (@BinanceChain) March 4, 2021”

As reported recently, The 1inch Defi exchange which is a DeFi protocol for routing trades is now moving to the Binance smart Chain and hedging its bets on the ETH ability to handle more transaction volume. Launched back in 2019, 1inch routes trading orders from the ETH-based tokens now adding the BSC tokens as well, over dozens of integrated decentralized exchanges to get the best prices possible. 1inch was forced to move onto BSC as the CTO Anton Bukov said “because Ethereum miners killed the ETH network by not raising the block gas limit.”