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{"actor":"system:backfill","investigation_id":"57f937cd-6a46-42f9-aa5f-c9b25dcd1cbc","kind":"publish","page_slug":"meerkat-finance","published_at":"2026-05-22T04:05:27.237Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Meerkat Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://bscscan.com/token/0xc65f62d372aa50e99b2a564ddb418a6bc84faa15","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/binance-smart-chain-copykat-project-loses-31-million-in-possible-rugpull","type":"other","url":""},{"credibility":3,"name":"https://rekt.news/meerkat-finance-bsc-rekt","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://rekt.news/meerkat-finance-bsc-rekt","type":"other","url":""},{"credibility":3,"name":"https://hackmd.io/@mLAPku2WQZmso5oX4kzPOg/BkNlZv0zO","type":"other","url":""},{"credibility":3,"name":"https://www.vidma.io/blog/meerkat-finance-anatomy-of-a-31-million-defi-rug-pull-on-binance-smart-chain","type":"other","url":""},{"credibility":3,"name":"https://beincrypto.com/defi-project-meerkat-suspected-of-31-million-rug-pull/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/policy/2021/03/04/defi-project-meerkat-raises-eyebrows-with-claimed-31m-hack-a-day-after-launch","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/binance-smart-chain-copykat-project-loses-31-million-in-possible-rugpull","type":"other","url":""},{"credibility":3,"name":"https://rekt.news/meerkat-finance-bsc-rekt","type":"other","url":""},{"credibility":3,"name":"https://beincrypto.com/defi-project-meerkat-suspected-of-31-million-rug-pull/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cointelegraph.com/news/dev-says-31-million-meerkat-finance-exploit-was-a-test-will-return-funds","type":"other","url":""},{"credibility":3,"name":"https://www.thedechained.com/meerkat-finance-exploit-was-a-trial-jamboo/","type":"other","url":""},{"credibility":3,"name":"https://web3isgoinggreat.com/?id=2021-03-04-0","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/meerkatfinancerugpull.php","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.binance.com/en/blog/421499824684901829/How-Binance-Security-team-helped-recover-$30M-funds-from-Meerkat-Finance-Hack","type":"other","url":""},{"credibility":3,"name":"https://www.cryptohopper.com/news/how-binance-security-team-helped-recover-30m-funds-from-meerkat-finance-hack-3026","type":"other","url":""},{"credibility":3,"name":"https://coincodex.com/article/10890/how-binance-security-team-helped-recover-30m-funds-from-meerkat-finance-hack/","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/meerkatfinancerugpull.php","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://u.today/largest-binance-smart-chain-fraud-meerkat-finance-mkat-rug-pulled-with-32-million-losses","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/62204/binance-smart-chain-hit-by-2-4-million-turtledex-exit-scam","type":"other","url":""},{"credibility":3,"name":"https://www.merklescience.com/blog/diving-into-defi-aeu-crypto-crime-in-defi","type":"other","url":""},{"credibility":3,"name":"https://rekt.news/meerkat-finance-bsc-rekt","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cointelegraph.com/news/dev-says-31-million-meerkat-finance-exploit-was-a-test-will-return-funds","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2021/03/04/defi-project-meerkat-raises-eyebrows-with-claimed-31m-hack-a-day-after-launch","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/meerkatfinancerugpull.php","type":"other","url":""}]}],"sources_used":[],"summary":"Meerkat Finance was a Binance Smart Chain yield-vault protocol that launched on March 3, 2021 and was drained of approximately $31.56 million in BUSD and BNB less than 24 hours later. On-chain evidence indicates the project's own deployer address executed the exploit, pointing to an intentional exit scam rather than an external hack. A developer identifying as 'Jamboo' subsequently claimed the drain was a 'trial' testing user greed, promised full refunds, and approximately 95% of funds were eventually recovered under heavy pressure from Binance and the BSC community.","timeline":[{"date":"2021-03-03","event":"Meerkat Finance launches on Binance Smart Chain at approximately 19:00 UTC. The protocol attracts over $31 million in user deposits within 24 hours.","source":""},{"date":"2021-03-04","event":"At 08:53:10 UTC, the Meerkat Finance deployer upgrades the WBNB Vault to a malicious contract. At 08:53:31 UTC, the BUSD Vault is similarly upgraded. By 08:54:55 UTC, 13,968,039 BUSD and 73,635 WBNB (totaling approximately $31.56 million) are drained from both vaults.","source":""},{"date":"2021-03-04","event":"Meerkat Finance's website, Twitter account, and GitHub repositories are taken offline. Cached copies are removed from Wayback Machine and Google Cache. The Binance.org Bridge is suspended to prevent cross-chain movement of stolen funds.","source":""},{"date":"2021-03-04","event":"Binance announces it will freeze any stolen funds that reach its exchange. Binance engages PeckShield, SlowMist, and CertiK to assist in the investigation.","source":""},{"date":"2021-03-05","event":"A developer using the pseudonym 'Jamboo' posts in a new Telegram channel ('Meerkatrefunds') claiming the exploit was a 'trial' testing user greed. Jamboo confirms association with the project by sending a transaction from the deployer address and promises full refunds.","source":""},{"date":"2021-03-06","event":"A refund smart contract is deployed. Victims are required to interact with the contract directly to reclaim their funds.","source":""},{"date":"2021-03-07","event":"Approximately 95% of user funds (~$30 million) are reported as recovered, with ongoing distributions to remaining victims. Binance describes the outcome as the largest fund recovery it has participated in.","source":""}]},"v":1}