Meerkat Finance was drained one day after launch on March 4, 2021 when vaults containing $31M were compromised. The attacker exploited permissionless proxy initialization to gain admin control and drain funds, with the team later launching a 95%+ refund program.

According to the official community information of Meerkat Finance, its vault contract was hacked, and the hacker used the loophole to steal all the funds in the vault. According to reports, the BSC project Meerkat Finance is suspected of running away and swept away about 31 million US dollars, of which 14 million BUSD and the other 73,000 BNB. MKAT claims to have been hacked to steal all resources.