A Binance Smart Chain Protocol Took Off With $2.5 Million In New Scam

Despite being at the forefront of activities in the space, the growth of the cryptocurrency space continues to be tarnished by several vices. Crypto hacks, scams, and various forms of rug pulls continue to be prevalent in the space, as these evil perpetrators continue to thrive in all circumstances. However, Binance Smart Chain, a blockchain that offers smart contract features, is at the center of a rug pull that has now cost investors $2.5 million in losses. One of the DeFi Protocols its powering- TurtleDex, is the perpetrators of the evil act that has now cost investors 9000 BNB, estimated to worth $2.5 million in today’s prices.

Users are outraged

The rug pull has become a topic of a massive debate on social media, as many users have come for TurtleDex. Many users’ belief in projects like TurtleDex has started to wane, as users are outraged about the unfortunate incident. The DeFi project has now made away with all the tokens in the projects, as users cannot reach them. They have subsequently deleted their social media handle, website, and their telegram account, as this poses to be one of the most incredible rug pull in Binance Smart Chain’s history.

One of the DeFi project partners, Jet Finance, has also confirmed that TurtleDex has made away with their investor’s token, much to the dismay of their investors. Jet Finance expressed their shock at the project’s exit, as they didn’t see that coming. The sudden exit of the DeFi project has now led its users to call on Binance to deactivate and freeze all their wallets since most of the tokens in the project were moved to a Binance cold wallet. The users believed that Binance’s non-decentralized nature means they have an autonomous power to track these scammers. However, at the time of writing, Binance is yet to respond to any of the allegations of TurtleDex and the request of its users.

This is not the first time

Amid all the chaos, a Chinese journalist- Colin Wu, had previously hinted at the TurtleDex community about his suspicion of a rug pull. The journalist confirmed that the project owners had once joked about the idea of a rug pull with him in their early conversations. However, Binance Smart Chain needs to do better, as the popularity of these events is becoming rampant in its system.

TurtleDex is not the only one to have pulled such a heist, as Meerkat Finance also made away with $30 million worth of Tokens earlier in the year, much to the disappointment of many users of Binance Smart Chain projects. However, many analysts have called on the Binance Smart Chain team to improve security around its system, as they believe that the blockchain has it all in its hands. Unfortunately, despite all the allegations against both scam projects, Binance Smart Chain is yet to discuss any, as users expect the perpetrators to face the law for their evil acts.

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