A project based on the Binance blockchain defrauds users and steals $2.5 million
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Answer A project based on the Binance blockchain defrauds users and steals $2.5 million
We at Bitcoin Arabs constantly point out scams in the crypto market and that it is a market that requires extra care and deeper learning not to lose money.
Recently, a scam project called “TurtleDex,” a decentralized protocol built on the Binance blockchain, pulled the rug out from under its users.
The protocol has exhausted 9,000 BNB, roughly $2.5 million.
The owners of the protocol and those behind it immediately deleted the “TurtleDex” channel on Telegram and deleted the official account of the project on Twitter.
Pulling the rug and stealing user funds is quite common in the DeFi space.
Basically, the project team withdraws the users’ money and disappears with it, and it can no longer be seen anywhere.
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Sad day for TTDX holders:
confirmed Jet Fuel Finance, a Yield farming protocol, earlier partnered with TurtleDex scam.
The Jet Fuel Finance account reported the transfer of liquidity pools on PancakeSwap and ApeSwap.
Attention – The Turtledex (#TTDXThe checkout team was scammed.
We were just as shocked as everyone else to see this unfold.
Please see the tweet below from Tweet embed and help us track the money sent to binance #TTDX It is removed from Jetfuel.
– Jet Fuel BSC ✈️ (Jetfuelfinance) March 19, 2021
Both protocols lacked liquidity as users sold TTDX coins at levels close to zero.
The fraud occurred after the expected launch yesterday.
After the funds were stolen, the protocol traded the cryptocurrency in hot Binance wallets.
Now users are asking Binance to freeze all wallets until they find their owners.
Society’s anger:
The incident caused significant controversy in the DeFi space, raising concerns about the usefulness of contract audits.
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TechRate, an analytical agency focused on blockchain-based platforms, has reviewed the protocol.
Analysts did not find serious security problems, and the project was supposed to be safe.
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The community was outraged when they learned of the revision.
Now, users are asking Binance to send funds to help affected users and pressure them to freeze all wallets.
But Binance has not made any comments regarding this issue at the time of writing this article.
Not the first and won’t be the last:
The TurtleDex project is not the first fraudulent project launched on the Binance Smart Chain.
A similar incident occurred on March 5, when Meerkat Finance stole over $30 million in cryptocurrency.
Meerkat has raised $13.96 million in BUSD and over 73,000 BNB.
The project, as well as TurtleDex, shut down the official website and deleted all communication channels after users’ funds were stolen.
Read also:
Beware of scams related to digital currencies targeting Arab users
Turkish police thwart a crypto scam that led to the kidnapping of 101 people
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