The turtles’ arms were long enough to pull the blanket.
Yesterday, March 19, Binance Smart Chain (BSC) file storage project TurtleDex implemented the “rye pull” exit scam, a general term for project developers who spend money or keep money invested under a protocol.
As the March 15 round of sales, which raised about $ 2.5 million worth of $ 2.5 million, the team drew funds from the trading pools of the original Pancake Swap and Ape Swap DEX, transferred liquidity to ETH and sent the funds . to the Binance Exchange platform. Sale of portfolios for portfolio agreements TurtleDex Team.
Jet Fuel Finance, the protocol with vault takeback that entered into a partnership with TurtleDex on an agricultural initiative, confirmed the strength of the opposition on Twitter and said they were “shocked” by the fraud:
TurtleDex’s website has been blacked out and social media has been removed.
Some investors indicated that the audit of the project had been pre-audited and that no major safety issues had been identified, leading to new criticism of the effectiveness of the audits.
Ironically, judging by the screenshots, potential investors asked the team about the possibility of running the race through official channels; The team joked that this was impossible because the turtle’s arms were so short.
Despite the losses, TurtleDex’s abandoned investors still have hope.
Shortly after the Meerkat Finance attack – one of the biggest scams that DeFi has ever used, worth $ 31 million – the developer of the project announced that the scam was “trial” and that all the money would be returned to users.
Support for an unreliable “lawsuit” and sudden change in the situation has given rise to some speculation that Binance may have intervened to reduce the impact of the fraud. BSC is a semi-closed system with Binance’s system for controlling the entry and exit of tires in the ecosystem. Unhappy funds have several ways to end BSC without going through Binance’s centralized controls.
Changpeng Zhao, CEO of Binance, better known as CZ, noted on Twitter earlier this week that the stock market was helping to “get the money back” as other ruthless companies tried to sell money through Binance.