Meerkat has just revealed that it lost $31 million worth of crypto-assets in a hack and on-chain data shows that the matter is not that that simple.
Is it a rug pull?
Meerkat, a yield farming pool running on BSC went live a day ago, communicated to its users via Telegram that its smart contract vault was compromised.The project lost 13 million BUSD and roughly 73,635 BNB, which amount to about $31 million. The funds were then transferred to a number of new blockchain addresses.
On-chain data suggests that the perpetrator siphoned off the funds by manipulating Meerkat’s smart contract. This means that the project’s private key was compromised or this was done by Meerkat.
However, there are notable red flags that suggest that this may be a rug pull. The project's website has been taken down while the official Twitter account was deleted.
Per the tweet above, this could be the biggest fraud project on BSC, which is recently gaining traction as a viable DeFi platform.
BSC, an alternative to Ethereum
Binance Smart Chain has gained a lot of attention over the last month due to Ethereum’s congestion and the subsequent high gas fees.Many DeFi projects and traders are also shifting to BSC as a result of scalability issues. The rising popularity of BSC and its use as an Ethereum alternative helped sky-rocket BNB's value from around $50 in early February to a peak of $342 a few weeks ago.
A number of DeFi protocols based on BSC are soaring to new all-time highs and the trading volumes are going up as well.
Binance CEO Changpeng Zhao recently urged UniSwap to consider migrating to BSC.
BSC is being hyped as the next Ethereum killer but rug pulls could derail this.
Binance’s action on Meerkat
Traders have pinned their hopes on Binance to take action and protect their interests amid the Meerkat "hack". The exchange’s representatives said that it is aware of the abnormality of the Meerkat project and has sought the services of auditing three firms - Certik, PeckShield, and Slowmist - to look into it.Continue reading by joining Cryptonary Pro
$997/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
As a Cryptonary Pro subscriber, you also get:
Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
Our latest memecoins pick with 50X potential
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
100% Success Money Back Guarantee
If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut through the noise and consistently find winning assets.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the success guarantee work?
If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Recommended from Cryptonary
