There is an increasing tendency for unscrupulous people to prey on investors in the crypto space. This is mainly due to the decentralized and unregulated nature of cryptocurrencies. The latest act of theft involves 9000 BNB by TurtleDex. The DeFi platform folded on March 19th, giving the scammers a windfall of 9000 BNB.
BSC's popular project, Turtle.dex, rugpulled, taking about 9,000 BNB, website and telegram deleted. Some are converted into ETH to Binance, investors are urging Binance to freeze. To the question of rugpull, Turtle officially stated before: No, because hands are too short. pic.twitter.com/xqVmGShm9f
— Wu Blockchain (@WuBlockchain) March 20, 2021
While this had caught many investors by surprise, some had noticed unusual behavior on the platform. According to a tweet by someone calling themselves @DeFiStalker, TurtleDex had removed liquidity several hours before the shutdown and converted all coins to Ethereum. They then sent the ETH to Binance from 9 different wallets.
🚨🚨 ATTENTION $TTDX HOLDERS!!!
Liquidty on both @ape_swap & @PancakeSwap has been removed 10hrs ago & swapped to $ETH, split to 9 wallets, all sent to @binance. $TTDX looks like its about to #RugPull just 24hours after pre-sale @BinanceChain $BNB #BSChttps://t.co/sON6MzSYno pic.twitter.com/y9BPXjEgoM
— DeFi Stalker (@DefiStalker) March 19, 2021
TurtleDex is the Most Recent in a Long Line of Hacks
The worrying bit for investors is that theft in the crypto space is becoming more frequent. Last week, three hacks happened and led to massive losses. One of the more notable ones is the weekend hack on Nifty Gateway. In this hack, thousands of dollars worth of NFTs were stolen. The hack was attributed to a lack of 2FA.
On the same weekend, there was a hack on Roll’s social token pools that made away with 2600 Ethereum. The attack was well-coordinated and looked like one was minting the social token and then selling them at a bargain. This year’s most significant attack was when Furucombo, a DEX, was hacked in late February and $15 million was stolen.
This all goes to show the need for more investments in security. As cryptocurrencies grow in acceptance, and more people participate, the number of hacks will only increase.