A project from the space of decentralized finance (DeFi) on the Binance Smart Chain (BSC) blockchain TurtleDex performed an exit scam, appropriating 9,000 BNB worth $ 2.5 million from the liquidity pool at the current exchange rate.
TurtleDex was marketed as a protocol for storing big data, freeing users from having to keep it on their computers. On March 15, TurtleDex closed the pre-sale of the TTDX token in two hours. The project attracted investors with promises of high profits from participation in profitable farming.
DefiStalker was the first to report the problem. He noticed that the assets used to provide liquidity on the platform were withdrawn and exchanged for Ether (ETH), then distributed across nine wallets and sent to Binance. The transactions of the TurtleDex team were recorded on the BSC blockchain. At the same time, the TurtleDex website was unavailable, messages in the project’s Telegram group were banned, and administrator accounts were deleted.
Now users are questioning the reputations of Apeswap and Jetfuel Finance, which have entered into a partnership with TurtleDex. Jetfuel subsequently delisted the TurtleDex token. The collaboration was to provide incentives to provide liquidity. There have also been reports that Jetfuel was conducting a token sale for TurtleDex, but these have not been confirmed.
TurtleDex investors are asking Binance to freeze the attackers’ wallets. The exchange has not yet responded to the incident. Before these events, when community members asked the TurtleDex team whether investments in the project carried risks of deception, they, playing on the name of the project, replied that the turtle had “too short hands” for this.
At the end of January, an exit scam was carried out by the PopcornSwap project, also based on the BSC blockchain, appropriating $ 2 million from liquidity pools.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
