AA NewsBinanceBinance CoinBNBBTCbnbusdCrypto NewsCrypto ScamsDeFi

Another Binance Smart Chain Rug Pull: TurtleDex Drains $2.5 Million in BNB

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 …
Story continues on Crypto Potato

Related posts
AltcoinsDeFiEthereumNewsNews 1SocialTrading View

Why Uniswap will play a crucial role in the coming months

Uniswap with a near 10% growth in price in the past 24 hours traded rangebound for the last two weeks, before breaking past the current price level. The asset’s trade volume is now up 38% on exchangesThe post Why Uniswap…

What Makes DeFi More Disruptive than Bitcoin

The blockchain industry has managed to disrupt financial markets the world over with its transparent operation and ease of understanding. Users can send and/or receive money in the form of cryptocurrency through the system with a distributed network of ledgers…
BinanceBinance Smart ChainBSCCointelegraph.comRugpullscam

Binance Smart Chain’s TurtleDex rugpulls shortly after launch

The file storage project has all the markings of a rugpull, but will investors be able to get their funds back? Turns out a turtle’s arms are plenty long enough to pull a rug. Yesterday, March 19 Binance Smart Chain (BSC)…