Mar 22, 2021 10:00 UTC
Mar 22, 2021 at 10:00 UTC
The team behindhand Turtledex protocol, a BSC project has allegedly rug pulled its investors soon after rising 9K Binance tokens value $2.5M. Directly following the authorization of the theft, the worth of the protocol’s native token TTDX, reportedly rushed to close zero. At the time of writing, the social media accounts related to the protocol seem to have been deleted.
The Rug Pull
As one report clarifies, Turtledex, which advertised itself as a decentralized storing platform for operators, positively duped operators by claiming it might aid them ‘save data & preserve files without demanding to keep them on their computer.’ These claims originally aided the Turtledex team to increase funds through the pre-sale round ‘in just 2 hours on Monday 15th.’
Subsequent, the team would shadow up this successful fundraising round by ‘opening their liquidity pools on 2 main BSC Decentralized exchanges: Apeswap & Pancakeswap’ The native tokens, TTDX, ‘were unlocked & opened to flow on March 18th at 15:00 UTC & the price rapidly pumped above its pre-sale value.’
Though, just 24 hours later, a Twitter operator named Defistalker advised TTDX holders of a likely exit scam after seeing the removal of liquidity on the 2DEXs. In an early tweet, which shares the screenshot of the unproven theft, Defistalker supposed:
Liquidity on both P ancakeswap & Apeswap has been removed 10hrs ago & swapped to ETH, split to 9 wallets, all directed to Binance.
Ending Exit Scammers
So, some operators are now asking Binance to intervene by freezing the stolen funds & repaying the pretentious investors. Though Binance had not officially responded at the time of writing, some operators are pinning confidences on remarks made in the history by the exchange’s executives. For example, in a tweet on March 15, 2021, Changpeng Zhao Binance CEO hints that his organization is vigorously complicated in helping investors track down funds afterward rug pulls.
Still, some operators have spoken doubts about Binance’s willingness or aptitude to will aid after noting the exchange’s disappointment to help Meerkat Finance investors next the rug pull. Approximately $31M was siphoned from Meerkat Finance’s extra BSC project on March 4 soon after developers reported a pony-trekking attack.
In the meantime, some investors like Twitter operator Defistalker are now enquiring the value of auditing smart contracts when ‘developers can just pull liquidity to dump.’ Defistalker says:
‘Turtledex smart contract was audited by Techrate1 on Feb. 21, 2021. Whilst no big subjects were found, it requests the question, what is the drive of a smart contract audit? If designers can simply pull liquidity to dump, are we even requesting the right questions?’