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Binance-Based DeFi Project TurtleDex Rugpulls, Converts 9,000 Stolen BNB In ETH

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Sat, 03/20/2021 - 09:21
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Yuri Molchan
According to insider crypto journalist Colun Wu, recently launched DeFi project TurtleDex has performed a rugpull, stealing $2.4 million in BNB raised the pre-sale round
Binance-Based DeFi Project TurtleDex Rugpulls, Converts 9,000 Stolen BNB In ETH
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DeFi project TurtleDex is believed to have performed a rugpull, withdrawing 9,000 BNB from the liquidity pool raised in a pre-sale five days ago, an equivalent of $2.4 million.

The funds have been converted into ETH and sent to several wallets hosted by Binance.

Another DeFi project on Binance network conducts a rugpull

It has been reported that the founders of TurtleDex, a project built on Binance Smart Chain (BSC), have run off after taking the liquidity pool of the DeFi project along with them.

On March 15, TurtleDex raised 9,000 BNB for their liquidity pool, promising high yields to eager crypto investors and yield farmers, using TTDX tokens.

Twitter user DeFi Stalker has spread the word about that, saing that the liquidity pool of Turtle placed on ApeSwap and PancakeSwap has been siphoned.

The funds were exchanged into ETH and sent to nine wallets on Binance.

He added that the project’s website is offline and the Telegram channel is not active.

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Image via Twitter

The aforementioned crypto journalist Colin Wu tweeted that the community asks Binance to freeze those wallets. Curiously, that when some community members asked the TurtleDex team if turtles can rugpull, they replied “no, because the hands are too short”.

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Image via Twitter

Earlier this year, at the end of January, another BSC-based DeFi project, PopcornSwap, also conducted a rugpull, stealing a $2,000,000 worth of their users crypto from the liquidity pool.

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What a rugpull is about

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The term is applied to an exit-scam conducted by DeFi project teams when they siphon crypto from the liquidity pools in which stakers and yield-farmers put their crypto.

The term describes a situation when someone pulls a rug from under another person’s feet, making them fall over. The “pull” here is a word play on “liquidity pool”.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.