Verify a decision

{"actor":"system:backfill","investigation_id":"ba9f8e12-deae-47aa-840c-cfbd9c0d7727","kind":"publish","page_slug":"mm-finance-cronos","published_at":"2026-05-27T18:18:07.823Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"MM Finance Cronos","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://rekt.news/madmeerkat-finance-rekt","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/tech/2022/05/05/decentralized-exchange-mmfinance-suffers-2m-exploit","type":"other","url":""},{"credibility":3,"name":"https://cryptobriefing.com/cronos-defi-project-mm-finance-suffers2m-exploit/","type":"other","url":""},{"credibility":3,"name":"https://web3isgoinggreat.com/single/mmfinance-suffers-apparent-frontend-breach","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://rekt.news/madmeerkat-finance-rekt","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/tech/2022/05/05/decentralized-exchange-mmfinance-suffers-2m-exploit","type":"other","url":""},{"credibility":3,"name":"https://therecord.media/more-than-2-million-stolen-from-defi-platform-mm-finance","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/tech/2022/05/05/decentralized-exchange-mmfinance-suffers-2m-exploit","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/mm-finance-cronos","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://skynet.certik.com/projects/mmfinance","type":"other","url":""},{"credibility":3,"name":"https://mmfinance.gitbook.io/docs/audit","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://skynet.certik.com/projects/mmfinance","type":"other","url":""},{"credibility":3,"name":"https://mmfinance.gitbook.io/docs/audit","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coingecko.com/en/coins/mmfinance","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/mm-finance/","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/mm-finance-cronos","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cryptopolitan.com/zachxbt-calls-cryptocoms-cro-token-a-scam/","type":"other","url":""},{"credibility":3,"name":"https://rekt.news/madmeerkat-finance-rekt","type":"other","url":""}]}],"sources_used":[],"summary":"MM Finance (also known as Mad Meerkat Finance) was the largest decentralized exchange on the Cronos blockchain. On May 4, 2022, the protocol suffered a frontend compromise in which an attacker injected a malicious router contract address, redirecting approximately $2 million in user funds to the attacker's wallet over roughly three hours. The stolen funds were laundered via Tornado Cash and routed through OKX; the team pledged reimbursement via trading fee airdrops, though full recovery of stolen assets was not confirmed. The MMF token subsequently lost approximately 99.9% of its value from its April 2022 all-time high.","timeline":[{"date":"2021-12-22","event":"CertiK completes smart contract audit of MM Finance. 35 findings identified (3 minor, 32 informational); no critical vulnerabilities flagged.","source":""},{"date":"2022-04-07","event":"MMF token reaches all-time high of approximately $1.85.","source":""},{"date":"2022-05-01","event":"MM Finance publishes a blog post addressing community concerns about the project structure.","source":""},{"date":"2022-05-04","event":"Frontend exploit begins at approximately 7:30 PM UTC. Attacker injects malicious router contract address, redirecting user funds for approximately three hours. Over $2 million stolen. Team takes down frontend and warns users via Discord and Twitter.","source":""},{"date":"2022-05-05","event":"MM Finance identifies stolen funds routed through Tornado Cash (743 ETH) and onward to OKX. Team issues 48-hour ultimatum to attacker demanding return of 90% of funds, threatening FBI involvement.","source":""},{"date":"2022-05-05","event":"MM Finance announces reimbursement plan: team to forfeit 45 days of trading fee revenue to compensate affected users. CoinDesk and Crypto Briefing report on the exploit.","source":""},{"date":"2022-05-11","event":"MM Finance revises compensation plan to a two-stage airdrop (63% in first airdrop, 37% in second) after generating over $1.7 million in trading fees in the days following the exploit.","source":""},{"date":"2022-12-31","event":"MMF token closes 2022 at approximately $0.01, a decline of 95.88% for the year.","source":""},{"date":"2026-05-01","event":"Protocol remains operational but largely dormant. TVL at approximately $1.37 million. MMF token trades at approximately $0.00009713, down 99.9% from all-time high.","source":""}]},"v":1}