TurtleDex Rugpull Makes Away With 9000 BNB

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.

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.

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. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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