Meerkat Finance Exploit was a Trial — Jamboo

Meerkat Finance was a victim of what was suspected to be a rug pull, yesterday. According to our report, the less than 48 years old project developers said that “its smart contract vault had been compromised by malicious actors. The developers said 13 million BUSD and about 73,000 Binance Coins, which cumulatively are worth $31 million presently, were said to have been siphoned from the account. These funds were moved to several new blockchain addresses that might have been created for this sole purpose.”

However, in what appears to be a twist, a developer, Jamboo, who has claimed to be a part of the Meerkat Finance developing team has said the “exploit was a trial testing of user’s greed and subjectivity and that users would be refunded appropriately.” This message was delivered via a Telegram channel “Meerkatrefunds.”

The developer provided proof of his association to the DeFi project by sending a transaction from the deployer’s account that was hacked which shows that he has access to the exploited account. This transaction was carried out on the Binance Smart Chain network, a few minutes after the Telegram’s message.

Notably, Binance had released a link for victims of the “rug pull” to report issues and stay informed. The popular crypto exchange firm also stated that it would be working with auditing firms to investigate the claims of the developers.

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