The Binance Smart Chain dapp TurtleDEX has just performed an exit scam on its users today and stole $2.5 million and deleted the social media profiles right after so let’s read more in our latest cryptocurrency news.
The protocol managed to drain 9000 BNB or $2.5 million in users’ funds and a yield farming ecosystem Jet Fuel finance which partnered with TurtleDEX, confirmed that scam on Twitter. Another user dubbed @DefiStalker posted screenshots that showed the diverted liquidity pools. PancakeSwap and ApeSwap couldn’t provide liquidity as the users stated selling their TTDX tokens at prices near zero.
#TurtleDex $TTDX s/contract was audited by @TechRate1 on 21st of FEB, 2021. Whilst no big issues were found, it asks the question, what is the purpose of a s/contract audit? If developers can simply pull liquidty to dump, are we even asking the right Questions?$BNB $BANANA $FUEL pic.twitter.com/L8rxtwpnYo
— DEFSTALKR (@DEFSTALKR) March 20, 2021
The TurtleDEX protocol exchange the tokens for ETH on Binance so now investors demand the exchange to freeze all wallets but the exchange still hasn’t made any comments on the situation. Users said that today is a “sad day for TTDX holders” adding that the communication channels became inactive with the owners of the project deleting all related social media networks. The users demanded Binance to reimburse the funds to the affected users and to freeze all wallets as they were shocked to see what happened after TechRate audited the project.
The platform didn’t find any security issues at first but the rug pull raised concerns about the usefulness of contract audits. It’s worth noting that this is not the first decentralized project on the Binance Smart Chain that made a rug pull. Meerkat finance which was a yield farming protocol also got accused of an exit scam after the project stole 13,96 million BUSD and 73,635 BNB which totaled to $30 million in stolen funds.
“BSC project Meerkat Finance is suspected of being rug, taking away 13.96 million BUSD, and the other 73,635 BNB. MKAT claimed to be hacked and stole all resources. Currently the project website cannot be opened. This may be the largest fraud project on the binance smart chain.
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As reported recently, The Binance Smart chain became a hot topic in the DeFi space over the past few weeks and the network saw an influx of new projects that were a reminder of the early days of the Defi craziness back in 2020. In any case, a few hours ago, a major rug pull occurred on the Binance Smart chain as the Meerkat Finance protocol was drained out of $30 million. Meerkat Finance is another farming protocol that runs on the Binance smart Chain and a few hours ago, the team revealed that it was hacked and more than 13 million BUSD and 73,000 BNB was drained with the amount reaching $30 million at press time.
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