The Binance Smart Chain took some liquidity from ETH, due to greater scalability (low fees and higher speeds) and high returns. Now there are big projects such as PancakeSwap (similar to Uniswap, Sushiswap, etc), Beefy Finance and Autofarm (similar to Yearn Finance and Harvest) or Venus Protocol (which replicates MakerDAO with Vai instead of Dai). However, there have also been problems in recent months.
Months ago we already attended several scams, I remember: Beer Finance and BFIs Finance (which claimed to be the new YFI). In these two cases, the website and social pages were deleted.
But also Wine Swap (exit scam one hour after launch) with BINANCE which managed to "freeze" and recover most of the funds (centralization ... is not always a problem!). ChessFarm was also the protagonist of an exit scam in November 2020. VikingSwap can also be mentioned.
Other tokens have seen their value go to $ 0 in no time (e.g. Borshchik) with their site still running.
?????? ???????? ON MEERKAT FINANCE (EXIT SCAM)
A few weeks ago, Meerkat Finance released a message saying that hackers had stolen $ 31 million from their wallets. However, according to common opinion, it was the developers of Meerkat who stole the money.
Shortly after the message, someone drained $ 31 million of funds (BUSD 13.96 million and BNB 73.000 worth $ 17.4 million).
After that, the project's Twitter account and website went offline and its founders are unreachable. This has sparked allegations of fraud.
Binance Smart Chain is Binance's proprietary blockchain. Critics say it is centralized as Binance can restore transactions on the chain (and this could in some sense limit this type of scam).
?????? ???????? ALSO ON TURTLEDEX (EXIT SCAM)
In the meantime, however, something similar has also been seen on TurtleDex. The protocol drained 9,000 BNB, about $ 2.5 million. The owners immediately deleted the TurtleDex Telegram, official website and Twitter page.
A "Rug Pull" here too. Essentially, the team behind the project has pulled out the liquidity of the traded tokens and gets away with the money.
Jet Fuel Finance, a yield farming protocol that partnered with TurtleDex, confirmed the scam on Twitter. In those hours, both PancakeSwap and ApeSwap lacked liquidity as users desperately sold TTDX tokens (dropped to almost 0).
After stealing the funds, the protocol swapped the tokens for ETH in Binance's hot wallets. Now users are asking Binance to freeze all wallets until they find the owners.
The event sparked major controversy in the DeFi space, raising concerns about the usefulness of contractual audits. According to security analysts, there were no bugs in the smart cotnract and the project was supposedly safe. The community was outraged when it learned of the audit.
Have you ever suffered a ?????? ???????? ?
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