TurtleDex, a decentralized Binance Smart Chain protocol, went through a rug pull. The protocol drained 9000 BNB, approximately $2.5 million. The owners immediately deleted TurtleDex’s telegram, the official website, and the Twitter page.
A “rug pull” is a popular term in the DeFi space. In essence, the team behind the project pulls out the liquidity of the tokens being traded and makes off with the money, nowhere to be seen.
A Sad day for TTDX Holders
Jet Fuel Finance, a yield farming protocol that partnered with TurtleDex, confirmed the scam today on Twitter. A user informed about the diversion of the liquidity pools on PancakeSwap and ApeSwap. Both protocols lacked liquidity as users desperately sold TTDX tokens at levels nearly to zero.
Attention – The Turtledex (#TTDX) team has exit scammed.
We are just as shocked as everyone to see this unfold.
Please see the tweet below from @DefiStalker and help us track down the funds sent to @binance #TTDX is being removed from Jetfuel. https://t.co/ZUjRmPbrs2 https://t.co/3WvsYSWATg
— Jet Fuel BSC ✈️ (@Jetfuelfinance) March 19, 2021
The rug pull happened just after their anticipated launch today. After stealing the funds, the protocol traded the tokens for ETH in Binance hot wallets. Now users are demanding Binance to freeze all wallets until they find the owners.
The Community Outrage
The event caused great controversy in the DeFi space, raising concerns about the usefulness of contract audits. TechRate, an analytical agency that focuses on blockchain-based platforms, audited the protocol. The analysts did …
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