Here's a funny story of meerkats and rugs.
Rug pull? DeFi project Meerkat drained by $31 million on Binance Smart Chain
On-chain data shows that the supposed hacker(s) drained the funds by altering Meerkat's smart contract that contains the project's vault business logic via using the original Meerkat deployer's account.
That suggests that either the private key of the Meerkat deployer was compromised or this is self-directed by the project. What's also raising eyebrows is that the website of Meerkat has been taken down. At the same time, Meerkat Finance's twitter account has also been deleted.
A look at BSCscan Yield Farms reveals it isn't only meerkats who are after your money, honey.
So much fun on the farm!
I was reading the other day that 3speak was also compromised by a former disgruntled employee. While I don't know enough to say employee or the project itself in this case, this is why there will be more calls for regulation which will be used as the justification by nanny states such as the US to make value for the small players almost impossible after the regulations.
I still don't really understand the whole defi angle, but seems I read others praising it more daily. I need to understand it better as it seems it will be forced on most of us whether we understand it or not, as far as any fallout that can come from them being spread out.
Well... I have already managed to lose about 40 % on my Cub (so far) on the new Hive-LeoFinance BSC Defi project ... bought at $7 and now hovering around $4.... easy come easy go.
I guess most of the insiders dumped their Cubs at $15 ??? And still no Cub airdrop ??? Maybe when it hits zero ?
erm... what was I saying recently ;-)
CUB has no open market price as yet - only the pools - they are not even designed for price-discovery!
Yeah ... it looks like my 30 * $ 7 ($210) investment in Cub will probably drop to zero.... oh well.
did u get some free CUB to ease the pain?
currently about $4 on hive-engine - volatule early trading.
Ha ha.... I had 65 LEO staked and I got .30 Cub in the airdrop... so not really. So I’m pretty much losing my shirt on this experiment. I have 30 Cub staked earning me about 1 Cub a day (but dropping fast) ... my 30 Cub * $7 = $210 is now worth about $ 120 ... oh well...
What I find of more concern is the rise in custodial services, meaning they take custody of your coins - not your keys, not your....
This is what regulation will seek to achieve - the castration of your property ;-)
I mentioned not long ago that after looking into Paypals entry into crypto this very thing. If I can't actually possess the item, in what way is it really mine? The old saying possession is 9/10th of the law fits this perfectly. I even suspect that if constructs like Paypal flourish, whose to say they aren't selling more Bitcoin than they even possess if none can ever leave their possession?
I suspect that within a few years we will see similar situations as we saw with Gamestop, where there is way more being sold than actually exist.
But I'm a heretic to this crytpo reality. My views on crypto remain the same as before I was pulled in by the ease of entry with Steem(it). I believe it's folly to believe some string of digits on a chain are worth anything. You can't eat them, they have no inherent value in the real world. They hold an illusion of value that can fold at any time, either through the whales who prop it up pulling out, to the loss of power grids, theft by those who control internet access, or theft by backdoors in hardware/software from the manufacturers themselves, etc.
I play along because as long as those with money push this narrative of value I can use their manipulations to actually benefit others (and maybe myself before they use it to enslave everyone) while they direct this to their end goals.
I know people will say that currency is no better, but it really is simply because the agreements (backed by government violence) makes it the store of value used to secure every facet of our existence. Not many wish to go live in the woods far away from the reach of those who own the systems of society.
Property was really castrated long ago, but they are able to support this illusion it still exists. From legalized slavery (incarceration) to asset forfeiture without any crime (other than the asset forfeiture) taking place. The taxes and permission slips that demand their cut or you lose your license to possession etc.
Done with my rant. My angst over my own belief that property ownership was a thing in my youth still bubbles up more than I like. Much work left to do on myself in what is probably a short window of time left to do so. It is devastating to understand how foolish one (I) has been, and more so to realize one (I) probably still is and to ignorant to see it. :)
But people are so used to their money being ina bank, under the assumption it is their money, with monthly statements that mirror their reality. Only in extreme situations, such as a bank folding, do they come close to the charade they have been playing out.
So... another alleged pillar of cryptos - the keys as ownership - will wither away, as has anonymity and decentralisation. ;-) all to make a construct that is weaker and easier to use.
So that I could say a multi account hack which is really not a hack but a robbery by its owner. 🤮
@rycharde
possibly ;-)
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