Hack

Another Rugpull of Binance Based Defi Project, This Time It’s Turtle Dex

In yet another rug pull of a Binance based Defi project, Turtle Dex has been drained of 9000 BNB from its liquidity pool.

Defi project Turtle Dex is said to have been rug pulled, with a withdrawal of 9000 BNB worth $2.4Million, which was raised in pre-sale five days ago.

The 9000 BNB was raised by the project on the 15th of March, using TTDX tokens. It had promised its investors and yield farmers higher returns in the future.

A Twitter user by the name Defi Stalker was the one to inform about siphoning of liquidity pool of the Dex placed on Apeswap and Pancakeswap.

He also said, the website, Twitter handle and Telegram channel has been inactive.

Well-known Crypto Journalist Colin Wu Tweeted regarding the matter of requesting Binance to freeze wallets.

He shares a chat screen of a previous conversation where Turtle Dex replied “because hands are too short” to a question of why do turtles not rug pull.

However, there hasn’t been any official announcement from Binance or any compensation scheme in the talks to handle the damage that has happened.

Previous hack on BSC-based projects.

Decentralized finance project Meerkat Finance on the 5th of March got robbed of $31 Million from the wallets, just a day after its launch on the Binance Smart Chain protocol.

The vault was drained of $31 Million of funds, 13.96 Million in stablecoins, and 73000 BNB worth $17.4 Million.

Rugpulls have been a major drawback to the ecosystem and the idea of Decentralized finance.

According to data, 50% of new Pancake swap projects end up in rug pulls, hence it is now high time to address this problem and hunt for solutions.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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