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Binance Smart Chain DeFi Project Hacked for $31 Million

The BNB-BUSD yield farming “Vault 1” of the DeFi application Meerkat finance, a clone of  Yearn Finance on Binance Smart Chain, was drained for $31 million this morning.  Meerkat Finance Hackers Tinker With Smart Contract  The hackers implemented a change in the ownership of the smart contract address on Meerkat Finance at 9 am UTC. Soon after, they began withdrawing from the smart contract to multiple addresses.  The...

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First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained

Binance Smart Chain has become somewhat of a hot topic amid DeFi gem seekers in the past few weeks. The network saw an influx of new projects, reminiscing of the early days of the DeFi craziness last summer. In any case, hours ago, the community was shocked earlier today when news broke out that one of the newer protocols, Meerkat Finance, was drained. Meerkat Finance is a yield farming protocol that runs on Binance Smart Chain, and a...

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DeFi Taxes 2021: How to Pay Tax on Borrowing, Lending, Yield Farming, and Liquidity Pool Funds

Taxes are one of the more opaque issues in crypto, with many investors still unsure how to calculate taxes on earnings or whether they owe taxes at all. The DeFi space, in particular, has many moving parts when it comes to taxation and asset classes.  Crypto Briefing has put together a brief guide that lays out how users’ DeFi income might be taxed, as well as ways they can save money come tax season. DeFi Taxes Ordinary Income vs....