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BCH $483.79 (-4.3%)
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Binance Suffers From $2.4 Million TurtleDex Exit Heist

Binance Suffers From $2.4 Million TurtleDex Exit Heist
  • Binance Smart Chain project TurtleDex pulls the rug on its users and steals $2.4 million.
  • TurtleDex drained the liquidity funds on Ape Swap and Pancake Swap and turned their pot to ETH

TurtleDex, a decentralized finance (DeFi) file storage on the Binance Smart Chain (BSC), is believed to have pulled an exit scam yesterday. As a result, more than $2.4 million fund was drained from trading pools on major BSC DeFi exchanges like Ape Swap and Pancake Swap.

TurtleDex was launched on March 15, promoting itself as a DeFi storage platform to help users save data and files securely online. Its pre-sale that day increased 9000 BNB tokens, or about $2.4 million, in just two hours.

TurtleDex drained the liquidity funds on Ape Swap and Pancake Swap and turned their pot to ETH. Furthermore, the ETH digital asset was transferred to Binance wallets, according to Etherscan.

The alleged heist was first to be flagged up by Twitter user @DefiStalker. Also Jetfuel.Finance, a yield farming platform that tied-up with TurtleDex, showed its shock and confusion at the rug pull on Twitter.

All eyes are on Binance to lessen the loss to investors’ pockets. So far, there has been no word, but a tweet from company head, CZ, earlier this week explains that “We actually help with a few rugs pulls recently too.” Moreover, the Binance Smart Chain is a semi-closed ecosystem. It means that Binance leads the various entry and exit points to the Smart Chain. Consequently, this guarantees hard to get funds off the Smart Chain without passing under the monitoring of Binance’s central control.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.