Titano Finance Reportedly Rug Pulls Investors With Nearly $2 Million Stolen.
Titano Finance, an auto-staking and compounding platform, has been exploited to the tune of $1.9 million worth of Binance Coin (BNB).
Blockchain security and analytics company PeckShield Inc noted that the unfortunate incident, which seemed like a rug pull, saw the attackers steal funds from the project’s liquidity pool in the early hours of today.
According to PeckShield, after the $1.9 million was stolen from the pool, the attackers sent the funds to a wallet address.
Further investigations revealed that the attackers subsequently split the funds into 23 wallet addresses, in a bid to avoid being tracked down by law enforcement agencies.
#rugpulls PeckShield has detected @TitanoFinance is rugged: the owner sets the PrizeStrategy contract, which then drains about 4,828 BNB (~$1.9m)! The rugged funds were initially held in this wallet 0xad9217e427ed9df8a89e582601a8614fd4f74563 and then split into 24 addresses. pic.twitter.com/vrGbLLspGo
— PeckShieldAlert (@PeckShieldAlert) February 14, 2022
The unfortunate incident took a huge toll on the token’s value, as investors suffered huge losses due to the price dip.
TITANIC Price Dip Over 40%
Titano (TITANIC), the native cryptocurrency of the project, was initially trading around $0.163 moments before the hack, however, the price dipped below $0.038 following news of the attack.
At the time of writing, TITANIC is currently changing hands around $0.116, representing over a 40% loss in value in the last 24 hours.
A Rug Pull?
At press time, Titano Finance is yet to publish any updates about the incident, prompting many to believe that the hack could be a rug pull.
The development comes less than 24 hours after Titano Finance announced that its token surpassed $100 million and that the token adoption has blossomed, with over 40,000 unique holders holding the cryptocurrency.
Titano Finance is a cryptocurrency staking and compounding protocol that allows users to earn yield for holding TITANIC. Holders of the token are entitled to a steady return via Titano’s Auto-staking Protocol (TAP).
With TAP, Titano users are offered a fixed APY 102,483.58 of up to $1,002,758.54 when they invest $1,000.
Increase in Rug Pull
The rate of cryptocurrency rug pulls has continued to be on the increase, as project developers exploit some of the bugs associated with the token code.
Last week, developers of Baby Musk Coin (BABYMUSK) stole over $2 million from its liquidity, leaving investors scratching their heads.
In a similar development, a YouTube streamer also used this illicit technique to defraud his fans to the tune of $500,000 and use the gains to purchase a Tesla car.
While this form of crypto heist continues to be on the increase, traders should conduct due diligence before investing in a project.