Another day and another rug pull operation: Titano Finance (TITANO), which promises an annual return of 103,000%, allegedly began preparations for the rug pull operation, while the developer team behind it remained silent. Projects of the DeFi altcoin market are now seeing rug pull operations become frequent after a series of white and black hat hacks. The interesting thing about Titano Finance; still some users declare the project innocent. As Kriptokoin.com, we are reporting the details…
$ 1.9 million came out of the DeFi altcoin project
According to the report of Blockchain security firm Peckshield on its official Twitter account, one of the features of the Titano Finance DeFi protocol was hacked. The PrizeStrategy contract, the core instrument of the liquidity ecosystem, was used to transfer a total of 4,828 Binance Coins (BNB) worth $1.9 million. The Peckshield report says the funds were distributed to 24 addresses:
Peckshield detected rug pull on Titano Finance: The holder of the PrizeStrategy contract used it to exploit 4,828 BNB ($1.9 million). The funds were initially held in a wallet named 0xAd9217e427ed9df8A89E582601a8614FD4F74563 and then split into 24 addresses.
TITANO’s price dropped 80% in a few minutes to 0.16 from $0.03 to $0.03 in less than 20 minutes. TITANO price climbed back to the $0.11 region at the same pace. At the time of writing, it is trading at $0.115, down 40% in the last 24 hours.
Titano Finance (TITANO) describes itself as “crypto’s best automated staking and auto-composite protocol.” It promises its investors a staggering 103,000% annual return…
Account behind the exploit BitMart and AscenDEX suspects
Interestingly, several Twitter users claim that the Titano Finance (TITANO) team did not defraud their investors. According to many tweets, third-party attack was the cause of the protocol’s downfall. Allegedly, the account behind the exploit was involved in attacks on the Arbix DeFi and Bunny Finance protocols, as well as centralized services BitMart and AscenDEX.
They claim that BSCScan has verified the address’s involvement in previous attacks, although this is not the case. The infamous address “0xAd9217e427ed9df8A89E582601a8614FD4F74563” is only seen by Binance Smart Chain Explorer as a “Titano PLAY Exploiter”.
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