How the Binance Security team helped recover $ 30 million from the Meerkat Finance attack

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2021-03-26 13:48:30

On March 4, 2020, just a day after its official launch, Meerkat Finance lost $ 31.5 million, including 73,000 BNB (about $ 18 million) and $ 14 million BUSD in users’ funds in one hack. public surprise.

Members of the Meerkat Finance group performed the mining on a compromised smart contract using a key belonging to the Meerkat Finance development team. This allows attackers, internal developers of Meerkat Finance, to change the core business logic and withdraw users’ funds from the project’s vault and distribute them to new locations in an attempt to escape. with money just stolen.

A total of 31.5 million USD BNB and BUSD suddenly disappeared that day, making the entire BSC community astonished.

Together to help the community

The BSC community and victims involved in the attack quickly contacted Binance through social media. Binance’s security and legal team immediately joined the investigation. The Binance security team discovered that the attackers distributed the proceeds across several addresses, trying to complicate the analysis in order to hide the money.

The BSC community, supported by the Binance security team and other partners, investigated the fraudsters’ activities, timeline and identified a suspect involved in the incident.

The legal team at Binance has begun preparing for the legal prosecution of the suspect and any co-conspirators, and has sent legal notices to the identified perpetrators informing them of upcoming legal action. The attacker used the internal key in this exploit, indicating that this could be an internal attack rather than an external one.

Meerkat Finance reimburses more than 95% of the stolen funds

Immediately after the incident, Meerkat Finance launched a refund program under heavy pressure from the BSC community and its partners. Although the process is a bit complicated and requires the victim to interact directly with the new smart contrat, up to this point, at least 95% (~ 30 million USD) of user damage has been restored to public, with the constant distribution to the remaining victims.

Biggest recall ever

This is the largest asset recovery in history that the Binance security team has participated. Binance believes that every victim of the incident will get their lost money back.

In the past, the Binance security team has helped many community members recover lost funds, including a near complete recovery of money stolen in another DeFi scam, worth approximately $ 344,000 in November 2020.

The Binance security team is still willing to do everything in its power and legal options to protect Binance and its users, and to support the BSC Community and partner projects.

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