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Rugpull Hack on BSC Nets 9000 BNB

DeFi

beincrypto.com 20 March 2021 12:46, UTC
  
Reading time: ~2 m

The increasingly popular TurtleDex platform suddenly closed down.

The latest hack in the Decentralized Finance (DeFi) space occurred on Mar. 19. The TurtleDex project suddenly closed up shop completely. TurtleDex previously commented on rugpulls, with a tweet referencing the shortness of turtles’ arms. Crypto journalist @WuBlockchain posted:

However, Twitter user @DefiStalker first noted the unusual activity by the project. 

BSC notes that investors might see some recompense from BSC. Binance founder CZ previously tweeted about rugpulls and the platform’s emphasis on security.

Increasingly frequent

Theft is becoming increasingly common in the cryptocurrency community. At least three hacks occurred in the past week alone. 

On Mar. 16, news spread of a hack over the weekend on Nifty Gateway. The Nifty hack was unusual, in that it took the form of an art robbery. Thousands of dollars in NFTs were stolen due to lax security on the platform, namely in the lack of 2FA security. Whether the art thieves will be able to sell the NFTs, as they are easily identifiable, is an open question.

Over the weekend of Mar. 14, Roll’s social token pools were drained by about 2600 ETH. The attack took the form of minting a stack of social tokens and selling them at a discount.

Before the latest spate of attacks, PAID was hacked on Mar. 5. This hack also had a lack of multicomponent security. In this case, it was the lack of a multi-signature requirement on changing the terms of smart contracts. 

The week before this, DEX and bundler Furucombo fell victim to a $15 million hack on Feb. 27.

Simple Security Measures

Hacking attacks sometimes show flare, like the Nifty art robbery. However, most simply exploit security lapses. 

Others do their homework, and still fail. The Akropolis project was hacked for  $2 million. But still, relatively simple security improvements can go a long way toward deterring most attempts in the first place.

There is the possibility that Binance in some way will compensate investors. However, there is still no official word from the exchange. And the TurtleDex crew isn’t talking.

What you can do

Theft and hacking will not disappear any time soon. Investing money into cryptocurrency is the same as in any other asset class. Learn how to do basic research into a project, and do it. The PAID hack occurred after being warned by industry experts. Due diligence on the part of investors would see it as well.

Call it KYP. Know Your Project.


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