Meerkat announces refund scheme: direct refund of Vault balance 95%, the remaining 5% will be fairly divided through the new product XFarm

On March 7, Meerkat Finance, a DeFi agreement on the BSC chain, responded to the "stolen" incident in the cable community and made a refund decision.

Meerkat Finance  The developer said that after investigation, Meerkat made a final decision on refunds based on community opinion: The best solution is to directly refund 95 percent of Vault's balance, while the remaining 5 percent will be fairly distributed through the new product XFarm (which will offset the losses of MKAT holders and liquidity provider MKAT-BNB).

Process:

1. 95% direct refund:

- Meerkat restarts Pledge and Vault at 18:00 UTC on March 6th;

- The user needs to release the pledge and withdraw the MIBBNB/MIBBUSD token in the pledge contract;

- Keep it in your wallet;

- Meerkat will deploy the SWAP contract and issue instructions to the user in 24 hours (0:00, March 8).

2. 5% refund through XFarm;

- Meerkat has designed a special product, XFarm, for all its users to cover the losses of MKAT holders and liquidity providers MKAT-BNB;

- New tokens synthesized by advanced features in the Defi Marketplace will be created as rewards in XFarm;

- 5% of the balance in Vault will be used as a reward in XFarm and provide liquidity for new tokens;

- XFarm will be launched after the refund process has been completed (scheduled for 1 week).

March 4, BSC Ecological DEFI project Meerkat  Finance said the vault contracts had been hacked and the hackers used the flaw to steal all the money from the vault, but users questioned whether it was an "inside job". Subsequently, the BSC community said that it found abnormal conditions in Meerkat Finance and synchronized with the Binance security team. Certik, Peckshield and Slow Fog, the audit firm for BSC Farmers Safety, came in to help trace the stolen assets.

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