Losing money while trading cryptocurrencies is nothing surprising or new, and every trader learns that sooner, rather than later. However, for a project to lose $31 million worth of crypto a day after launch is scandalous, at best. This is exactly what happened to a DeFi project called Meerkat Finance, which recently launched on Binance Smart Chai (BSC).
Meerkat Finance Loses $31 Million in Crypto One Day After Launch
After seeing the launch on Binance’s new blockchain, the project was seemingly doing great. Until one day later, that is, when its developers announced that the project was hacked, and that the attackers made off with $31 million in BNB and BUSD.
The project, which is a yield farming protocol, simply announced that someone raided its wallet and drained $31 million. Apparently, the alleged hackers stole $13.96 million in BUSD, and another $17.4 million in BNB.
However, there appear to be several things that don’t add up, which caused a lot of people to doubt the project’s statement. Instead of being hacked, many now seem to believe that the project was an exit scam, and that developers were the ones who took the money and ran.
Investors’ Suspicion Continues to Grow
This suspicion is more than justified for a number of reasons. First, the project’s Twitter account and website went offline after the statement was made. Next, the founders of the projects seem to have disappeared, as they cannot be reached by any means. Not to mention that the only way for someone to raid the smart contract would be to obtain the private keys, which should have been protected by the developers.
With the project being launched on Binance
