Main navigation

Another Rugpull Appears on BNB Chain, 2660 BNB Stolen

Wed, 02/16/2022 - 14:11
article image
Arman Shirinyan
Another unfortunate project used users' trust to steal and then wash 2,660 BNB
Another Rugpull Appears on BNB Chain, 2660 BNB Stolen
Cover image via
Read U.TODAY on
Google News

Despite the significant drop in BNB's network activity, the number of fraudulent projects on the chain has not stopped growing since the notorious series of DeFi hacks and rug pulls back in December 2021.

According to PeckShield blockchain security service, the TopGoal project has dumped more than 2,660 BNB worth of tokens and washed them through a coin mixing solution that allowed developers to remain fully anonymous.

As the report suggests, the dumped tokens were pre-minted initially, which is usually considered a red flag for any project out there. The pre-mine or pre-mint is often allocated among developers after a certain period. But in the case of TMT, the pre-minted tokens were not locked; hence, the massive rug was a matter of time.

At press time, the price of the token was already down by 55% in a matter of hours. The majority of users started dropping their holdings shortly after, pushing the price even further.

Titano Finance DeFi Rug Pulled, TITANO Drops 80% in 10 Minutes

According to the commentaries of some users, the project previously participated in an "ask me anything" session with the Binance CEO, which gave it more credibility. But at the same time, there is no way to confirm if such an event has taken place.

Previously, Titano Finance DeFi protocol rugged its users by draining almost $2 million of users' funds. After a transaction has been made to one address, developers redistribute tokens to 24 smaller addresses.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.