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Binance Smart Chain project TurtleDex pulls the rug on its users and steals $2.5 million

The protocol drained 9000 BNB, approximately $2.5 million, and then deleted its social media profiles.

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TurtleDex, a Binance Smart Chain dApp, exit scammed its users today, after its highly anticipated launch.

Jet Fuel Finance, a yield farming ecosystem that partnered with TurtleDex, confirmed the scam on Twitter. A user called @DeFiStalker posted screenshots of the diverted liquidity pools. ApeSwap and PancakeSwap couldn’t provide liquidity as users started desperately selling TTDX (TurtleDex’s native token) at prices near zero.

The protocol exchanged the tokens for ETH on Binance. Investors are demanding Binance to freeze all wallets, but the exchange has not made any official comment at the moment.

The user stated that “today is a sad day for TTDX holders” adding that all communication channels were inactive. The owners of the project immediately deleted all related social networks.

Users are now demanding Binance reimburse funds to affected users and freeze all wallets. The community was shocked, as TechRate, an analytical and engineering agency, audited the project. TechRate did not find security issues, but this most recent scam has raised concerns about the usefulness of contract audits.

 

This is not the first decentralized project on Binance Smart Chain that rug pulled. Meerkat Finance, a yield farming pool, was accused of an exit scam. The project stole approximately 13,96 million BUSD and 73,635 BNB, totaling $30 million stolen funds.

“BSC project Meerkat Finance is suspected of being rug, taking away 13.96 million BUSD, and the other 73,635 BNB. MKAT claimed to be hacked and stole all resources. Currently the project website cannot be opened. This may be the largest fraud project on the binance smart chain.”

Posted In: , Scams
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