Binance’s Project “Turtledex” Found To Be Exit Scam, 2.5 Million Dollar Lost

Cryptocurrency News

Binance customers are in awe as they lose US$ 2.5 Million worth of Binance’s tokenized crypto TTDX which was used for investment in Binance Smart Chain (BSC) – a project that was to be liquefied by Turtledex. The value of TTDX has plunged almost at nothing i.e. zero after the incident. Turtledex was reportedly found to be an “exit scam”.

Binance’s high-in-demand smart chain project namely BSC, also called as “Binance Smart Chain” had become a victim of hack. Though nothing is lost by Binance but the people who intended to invest in BSC through Turtledex lost their money.

It was reported that BSC was to receive liquidity from Turtledex through Apeswap and Pancakeswap. As per the complaints of hack, it was found out that Binance’s native tokenized crypto was hacked. Approximately, US$ 2.5 Million worth of TTDX, belonging to Binance’s customers, had been stolen by hackers in the attack.

After confirmation of the hack attack and stealing of funds, the value of TTDX dropped massively. For the time being, the value of each tokenized form of TTDX has become zero. Immediately, after the hack, the accounts relating to BSC, which were linked with social media websites and ids, were deleted.

The issue started when Turtledex claimed that they can facilitate users in helping them in the management of their files and data. They claimed that they can provide them storage facilities where the users can keep the data instead of keeping them in any computer. This tactic worked for Turtledex as many users joined their network.

After acquiring confidence, Turtledex launched a fundraising campaign which was initiated on 15th March, 2021. In less than 2 hours, the fundraiser campaign received handsome amounts in funds, as alleged by the team behind Turtledex.

Later on, Turtledex proposed to open up liquidity pools at Apeswap and Pancakeswap, which are decentralized exchanges for Binance’s project. Thereafter, Binance’s TTDX was set for circulation in the afternoon of Thursday, the 18th March, 2021. This then boosted the value of TTDX and elevated it above its prior sale value.

However, on 19th March, 2021 an unknown user who was holding an account with Twitter called Defistalker warned of a possible hack attack. Defistalker told in a tweet message Turtledex is about to initiate an exit scam as he noticed that the purported liquidity was called off. It was reported by Defistalker that the purported liquidity for Apeswap and Pancakeswap has been called off and subsequently divided into Ethereum. He also informed that the conversion of liquidity into Ehtereum will land up in 9 different wallets, belonging to Binance.

Now that it is confirmed that the funds were stolen in a hack attempt, several users are urging Binance for lending support. They are asking Binance to help them retrieve back the stolen funds and putting it back from where they were stolen.

However, so far no official announcement suggesting of lending any aid has come forward from Binance. Yet the users are hopeful that Binance will support them.

Leave a Reply

Your email address will not be published.