Bitcoin News and Finance
Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen Skip to main content

Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen

Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen

The team behind Turtledex protocol, a Binance Smart Chain (BSC) project has reportedly rug pulled its investors shortly after raising 9,000 Binance tokens worth $2.5 million. Immediately following the confirmation of the theft, the value of the protocol’s native token TTDX, reportedly plunged to near zero. At the time of writing, the social media accounts associated with the protocol appear to have been deleted.

The Rug Pull

As one report explains, Turtledex, which touted itself as a decentralized storage platform for users, successfully duped users by claiming it could help them “keep data and preserve files without needing to keep them on their computer.” These claims initially helped the Turtledex team to raise funds via the pre-sale round “in just two hours on Monday 15th.”

Next, the team would follow up this successful fundraising round by “opening their liquidity pools on two major BSC Decentralized exchanges (DEXs): Pancakeswap and Apeswap.” The native tokens, TTDX, “were unlocked and opened to circulation on March 18th at 15:00 UTC and the price quickly pumped above its pre-sale value.”

Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen

However, just 24 hours later, a Twitter user named Defistalker warned TTDX holders of a possible exit scam after noticing the removal of liquidity on the two DEXs. In an initial tweet, which shares the screenshot of the alleged theft, Defistalker said:

Liquidity on both Apeswap and Pancakeswap has been removed 10hrs ago and swapped to ETH, split to 9 wallets, all sent to Binance.

Stopping Exit Scammers

Consequently, some users are now asking Binance to intervene by freezing the stolen funds and reimbursing the affected investors. Although Binance had not formally responded at the time of writing, some users are pinning hopes on remarks made in the past by the exchange’s executives. For instance, in a tweet on March 15, 2021, Binance CEO Changpeng Zhao (CZ) hints that his organization is actively involved in helping investors track down funds after rug pulls.

Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen

Still, some users have expressed doubts about Binance’s willingness or ability to will help after noting the exchange’s failure to help Meerkat Finance investors following the rug pull. Approximately $31 million was siphoned from Meerkat Finance (another BSC project) on March 4 shortly after developers reported a hacking attack.

Meanwhile, some investors like Twitter user Defistalker are now querying the value of auditing smart contracts when “developers can simply pull liquidity to dump.” Defistalker said:

“Turtledex (TTDX) smart contract was audited by Techrate1 on February 21, 2021. Whilst no big issues were found, it asks the question, what is the purpose of a smart contract audit? If developers can simply pull liquidity to dump, are we even asking the right questions?”

Can smart contracts audits help pre-empt rug puls in the Defi space? You can share your thoughts in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory