Binance Smart Chain, Changpeng Zhao (CZ), decentralized exchanges, Defi rug pull, Exit Scam, Liquidity, Meerkat Finance, Techrate1, Turtledex, Turtledex rug pull

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.â€

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.â€

Binance Smart Chain, Changpeng Zhao (CZ), decentralized exchanges, Defi rug pull, Exit Scam, Liquidity, Meerkat Finance, Techrate1, Turtledex, Turtledex rug pull

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:

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.

Binance Smart Chain, Changpeng Zhao (CZ), decentralized exchanges, Defi rug pull, Exit Scam, Liquidity, Meerkat Finance, Techrate1, Turtledex, Turtledex rug pull

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?â€

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

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

One of Africa’s oldest museums, the Uganda National Museum (UNM), is set to create digital representations of the unique artifacts that are on display at this facility. Working in concert with software development firm Murcom, Uganda’s biggest museum is expected to display and auction the digitally represented items on Binance’s non-fungible token (NFT) marketplace. Uganda […]

Xem chi tiết: Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Binance Smart Chain (BSC) decentralized applications (dapps) have been hit with a number of flash loan attacks in recent weeks. According to collected data by Rekt, during the last 30 days BSC has lost a total of $167 million from these flash loan exploits. Flash Loan Hackers Prey on Binance Smart Chain Dapps – $167 […]

Xem chi tiết: Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Binance Smart Chain (BSC) decentralized applications (dapps) have been hit with a number of flash loan attacks in recent weeks. According to collected data by Rekt, during the last 30 days BSC has lost a total of $167 million from these flash loan exploits. Flash Loan Hackers Prey on Binance Smart Chain Dapps – $167 […]

Xem chi tiết: Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Decentralized finance (defi) exchanges and tokens are recovering a lot faster than a great number of digital assets that lost more than 40% in value last week. Defi tokens like curve, kyber network, terra, hxro, and more have been seeing double-digit gains. On May 23, the defi economy’s aggregate total-value locked (TVL) dropped to a […]

Xem chi tiết: Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Binance Smart Chain Faces yet Another Flash Loan Attack: Belt Finance Loses $6.3 Million

Belt Finance, a Binance Smart Chain-based decentralized lending protocol, lost $6.3 million in a flash loan attack last week. The attackers took advantage of a series of inefficiencies in the smart contract to manipulate the price of the set and obtain profit from a series of transactions. This is just the last of a series […]

Xem chi tiết: Binance Smart Chain Faces yet Another Flash Loan Attack: Belt Finance Loses $6.3 Million

BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack

Another Binance Smart Chain project has been hit with a flash loan attack according to a post mortem written by the Burgerswap team. The project’s official Twitter account said at around 3 a.m. on Friday, Burgerswap suffered from a flash loan attack with the hackers stealing $7.2 million in funds. Binance Smart Chain Defi Protocol […]

Xem chi tiết: BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack

BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack

Another Binance Smart Chain project has been hit with a flash loan attack according to a post mortem written by the Burgerswap team. The project’s official Twitter account said at around 3 a.m. on Friday, Burgerswap suffered from a flash loan attack with the hackers stealing $7.2 million in funds. Binance Smart Chain Defi Protocol […]

Xem chi tiết: BSC Defi Protocol Burgerswap Loses $7.2 Million from a Flash Loan Attack

Fed’s Daily Tapering Increases by 23%- Tuesday’s Reverse Repo Removes $432 Billion from Market

Since well before the onset of Covid-19, the U.S. Federal Reserve had initiated monetary easing policies and from then on, the M1 Money Stock supply skyrocketed to levels never-before-seen in history. This weekend reports disclosed that the Fed has started to taper quantitative easing (QE) when it removed $351 billion from the market last week. […]

Xem chi tiết: Fed’s Daily Tapering Increases by 23%- Tuesday’s Reverse Repo Removes $432 Billion from Market

Flash Loan Attacks Drain 2 Binance Smart Chain Defi Projects for $6 Million

Fed Begins to Taper QE- US Central Bank Removes $351 Billion in Liquidity via Reverse Repos

Fed Begins to Taper QE- US Central Bank Removes $351 Billion in Liquidity via Reverse Repos

There’s Close to 300,000 Bitcoin-Pegged Tokens Hosted on ETH and BSC, Value Exceeds $12 Billion

Defi Economy Lost $20 Billion This Week, Decentralized Exchange Volumes Still Sky High

There’s Close to 300,000 Bitcoin-Pegged Tokens Hosted on ETH and BSC, Value Exceeds $12 Billion

Turkey Jails 6 People as Police Widen Search for Missing Cryptocurrency Exchange CEO Accused of Exit Scam

Turkey Jails 6 People as Police Widen Search for Missing Cryptocurrency Exchange CEO Accused of Exit Scam