The rapid rise of many Blockchain projects continue to be on a high, one of which is the Binance Smart Chain project. The Blockchain project is a high-performance blockchain-powered by Binance and has become one of the most preferred locations for many Decentralized apps (dapps) and Decentralized Finance (DeFi) projects. However, In a new report today, Meerkat Finance, a new DeFi project that just launched on the Binance Smart Chain, have reported that a hack into its vault has led to a loss of $31 million barely a day after it launched. While the developers of the project claimed that the protocol was hacked, its investors have doubts.

Investors believe the developers are the scammers

In the Block report, the Meerkat Finance DeFi project was reportedly hacked a day after its launch. After the hack, the DeFi projects sent out a message that hackers have tampered with their vauts and thus made away with assets worth $31 million. However, many investors in the projects are starting to feel otherwise, as the projects’ developers are currently unreachable at the moment. Their website can not be accessed, and their social media handles are currently unreachable, as suspicions of fraud loom around them.

The investors in the DeFi protocol’s project have all taken to social media to discuss their displeasure at the project developers. A representative of Binance had assured investors of the DeFi Project on social media that the matter is already being investigated and there would be a resolution. If the scam is unresolved, this will likely be one of the most significant rugs pulls in crypto history, as the developers are still not unreachable. The criticism that Binance Smart Chain is not a Centralized space, unlike other Blockchain platforms’ decentralized nature, will come into play now.

Binance Smart Chain can take things into its hands

Many crypto analysts have weighed in on the current circumstance of Meerkat Fiance and their investors. Many call for Binance to take legal steps against the developers responsible for losing 3.96 million in Binance’s stablecoin, BUSD, and a 73,000 BNB, with both estimated worth $31 million. Many analysts who have criticized the Binance Smart Chain’s centralized nature believe that the Blockchain can now exercise its control to revert the fortunes of the investors in the Meerkat Finance project.

If the project ends up being a rug pull scam, Binance can take the law into their hands to do the extraordinary. Unfortunately for Binance Smart Chain, the blockchain project is also being accused of hosting Ethereum lookalike projects on its platform. The project developers have also been accused of plagiarising the Ethereum blockchain of contents, as the similarities between the project are at a high. However, many developers’ Binance Smart Chain is preferred ahead of Ethereum, as its advantages are currently being exploited.