TurtleDex Exits with User Funds - Revision history

Azoundria at 21:47, 10 May 2024

2024-05-10T21:47:03Z

← Older revision		Revision as of 15:47, 10 May 2024
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	Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars.		Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars.

	This is a global/international case not involving a specific country.<ref name="ciphertrace-1132" /><ref name="bitcoinworld-1177" /><ref name="decrypt-1178" /><ref name="bscdotnews-1179" /><ref name="defistalkertwitter-1180" /><ref name="bscscan-1181" /><ref name="bscscan-1182" /><ref name="zephyrnet-1183" /><ref name="jetfuelfinancetwitter-1184" /><ref name="wublockchaintwitter-1185" /><ref name="jetfuelfinancemedium-1186" /><ref name="czbinancetwitter-1187" /><ref name="newsdotbitcoin-1188" /><ref name="blockchaindotcom-1149" /><ref name="slowmisthacked-1160" /><ref name="kogocrypto-1189" /><ref name="cryptosec-5385" />		This is a global/international case not involving a specific country.<ref name="ciphertrace-1132" /><ref name="bitcoinworld-1177" /><ref name="decrypt-1178" /><ref name="bscdotnews-1179" /><ref name="defistalkertwitter-1180" /><ref name="bscscan-1181" /><ref name="bscscan-1182" /><ref name="zephyrnet-1183" /><ref name="jetfuelfinancetwitter-1184" /><ref name="wublockchaintwitter-1185" /><ref name="jetfuelfinancemedium-1186" /><ref name="czbinancetwitter-1187" /><ref name="newsdotbitcoin-1188" /><ref name="blockchaindotcom-1149" /><ref name="slowmisthacked-1160" /><ref name="kogocrypto-1189" /><ref name="cryptosec-5385" /><ref name="comparitech-10032" />

	== About TurtleDex ==		== About TurtleDex ==
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	<ref name="kogocrypto-1189">[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto \| Latest & Breaking News from Cryptocurrency \| Bitcoin \| Altcoin \| Blockchain \| other finance] (Jun 27, 2021)</ref>		<ref name="kogocrypto-1189">[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto \| Latest & Breaking News from Cryptocurrency \| Bitcoin \| Altcoin \| Blockchain \| other finance] (Jun 27, 2021)</ref>

	<ref name="cryptosec-5385">[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8, 2022)</ref></references>		<ref name="cryptosec-5385">[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8, 2022)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref></references>

Azoundria at 19:00, 2 May 2023

2023-05-02T19:00:10Z

← Older revision		Revision as of 13:00, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Turtledex.jpg\|thumb\|TurtleDex]]An audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard.		[[File:Turtledex.jpg\|thumb\|TurtleDex]]An audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard.
Line 6:		Line 6:
	Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars.		Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="ciphertrace-1132" /><ref name="bitcoinworld-1177" /><ref name="decrypt-1178" /><ref name="bscdotnews-1179" /><ref name="defistalkertwitter-1180" /><ref name="bscscan-1181" /><ref name="bscscan-1182" /><ref name="zephyrnet-1183" /><ref name="jetfuelfinancetwitter-1184" /><ref name="wublockchaintwitter-1185" /><ref name="jetfuelfinancemedium-1186" /><ref name="czbinancetwitter-1187" /><ref name="newsdotbitcoin-1188" /><ref name="blockchaindotcom-1149" /><ref name="slowmisthacked-1160" /><ref name="kogocrypto-1189" /><ref name="cryptosec-5385" />
	<ref name="ciphertrace-1132" /><ref name="bitcoinworld-1177" /><ref name="decrypt-1178" /><ref name="bscdotnews-1179" /><ref name="defistalkertwitter-1180" /><ref name="bscscan-1181" /><ref name="bscscan-1182" /><ref name="zephyrnet-1183" /><ref name="jetfuelfinancetwitter-1184" /><ref name="wublockchaintwitter-1185" /><ref name="jetfuelfinancemedium-1186" /><ref name="czbinancetwitter-1187" /><ref name="newsdotbitcoin-1188" /><ref name="blockchaindotcom-1149" /><ref name="slowmisthacked-1160" /><ref name="kogocrypto-1189" /><ref name="cryptosec-5385" />

	== About TurtleDex ==		== About TurtleDex ==
Line 65:		Line 64:
	!Description		!Description
	\|-		\|-
	\|March 18th, 2021 ~~12:00:00 AM~~		\|March 18th, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 73:		Line 72:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			In our framework, we advise that all customer funds should be held in a cold storage multi-signature arrangement, and that signatories should be trained and background checked.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~In our framework, we advise that all customer funds should be held in a cold storage multi-signature arrangement, and that signatories should be trained and background checked.~~

	== References ==		== References ==
	<references><ref name="ciphertrace-1132">[https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-may-2021/ Cryptocurrency Crime and Anti-Money Laundering Report, May 2021 - CipherTrace] (May 23, 2021)</ref>		<references><ref name="ciphertrace-1132">[https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-may-2021/ Cryptocurrency Crime and Anti-Money Laundering Report, May 2021 - CipherTrace] (May 24, 2021)</ref>

	<ref name="bitcoinworld-1177">[https://bitcoinworld.co.in/binance-smart-chains-turtledex-drains-2-5-million/ Binance Smart Chain's TurtleDEX Drains $2.5 Million - Bitcoin World] (Jun 12, 2021)</ref>		<ref name="bitcoinworld-1177">[https://bitcoinworld.co.in/binance-smart-chains-turtledex-drains-2-5-million/ Binance Smart Chain's TurtleDEX Drains $2.5 Million - Bitcoin World] (Jun 13, 2021)</ref>

	<ref name="decrypt-1178">[https://decrypt.co/62204/binance-smart-chain-hit-by-2-4-million-turtledex-exit-scam Binance Smart Chain Hit By $2.4 Million TurtleDex Exit Scam - Decrypt] (Jun 12, 2021)</ref>		<ref name="decrypt-1178">[https://decrypt.co/62204/binance-smart-chain-hit-by-2-4-million-turtledex-exit-scam Binance Smart Chain Hit By $2.4 Million TurtleDex Exit Scam - Decrypt] (Jun 13, 2021)</ref>

	<ref name="bscdotnews-1179">[https://www.bsc.news/post/turtledex-performs-a-liquidity-siphon-rugpull-after-a-highly-anticipated-launch TurtleDex Performs a Liquidity Siphon Rugpull After a Highly Anticipated Launch] (Jun 19, 2021)</ref>		<ref name="bscdotnews-1179">[https://www.bsc.news/post/turtledex-performs-a-liquidity-siphon-rugpull-after-a-highly-anticipated-launch TurtleDex Performs a Liquidity Siphon Rugpull After a Highly Anticipated Launch] (Jun 20, 2021)</ref>

	<ref name="defistalkertwitter-1180">[https://twitter.com/DefiStalker/status/1372842800744521733 @DefiStalker Twitter] (Jun 19, 2021)</ref>		<ref name="defistalkertwitter-1180">[https://twitter.com/DefiStalker/status/1372842800744521733 @DefiStalker Twitter] (Jun 20, 2021)</ref>

	<ref name="bscscan-1181">[https://bscscan.com/address/0x473998a6efeb8c676d369e105afb6cc73a0fadbc#tokentxns Address 0x473998a6efeb8c676d369e105afb6cc73a0fadbc \| BscScan] (Jun 19, 2021)</ref>		<ref name="bscscan-1181">[https://bscscan.com/address/0x473998a6efeb8c676d369e105afb6cc73a0fadbc#tokentxns Address 0x473998a6efeb8c676d369e105afb6cc73a0fadbc \| BscScan] (Jun 20, 2021)</ref>

	<ref name="bscscan-1182">[https://bscscan.com/token/0xc4957a864245aa4373be1f33ae24e93876b7dfe1 Turtledex Token (TTDX) Token Tracker \| BscScan] (Jun 19, 2021)</ref>		<ref name="bscscan-1182">[https://bscscan.com/token/0xc4957a864245aa4373be1f33ae24e93876b7dfe1 Turtledex Token (TTDX) Token Tracker \| BscScan] (Jun 20, 2021)</ref>

	<ref name="zephyrnet-1183">[https://zephyrnet.com/another-binance-smart-chain-rug-pull-turtledex-drains-2-5-million-in-bnb/ Another Binance Smart Chain Rug Pull TurtleDex Drains $2.5m in BNB] (Jun 19, 2021)</ref>		<ref name="zephyrnet-1183">[https://zephyrnet.com/another-binance-smart-chain-rug-pull-turtledex-drains-2-5-million-in-bnb/ Another Binance Smart Chain Rug Pull TurtleDex Drains $2.5m in BNB] (Jun 20, 2021)</ref>

	<ref name="jetfuelfinancetwitter-1184">[https://twitter.com/Jetfuelfinance/status/1372927328121188356 @Jetfuelfinance Twitter] (Jun 19, 2021)</ref>		<ref name="jetfuelfinancetwitter-1184">[https://twitter.com/Jetfuelfinance/status/1372927328121188356 @Jetfuelfinance Twitter] (Jun 20, 2021)</ref>

	<ref name="wublockchaintwitter-1185">[https://twitter.com/WuBlockchain/status/1373129947573805057 @WuBlockchain Twitter] (Jun 19, 2021)</ref>		<ref name="wublockchaintwitter-1185">[https://twitter.com/WuBlockchain/status/1373129947573805057 @WuBlockchain Twitter] (Jun 20, 2021)</ref>

	<ref name="jetfuelfinancemedium-1186">[https://jetfuelfinance.medium.com/turtledex-delisted-increasing-safety-for-our-communities-4530b9bb3001 Turtledex Delisted Increasing Safety For Our Communities] (Jun 19, 2021)</ref>		<ref name="jetfuelfinancemedium-1186">[https://jetfuelfinance.medium.com/turtledex-delisted-increasing-safety-for-our-communities-4530b9bb3001 Turtledex Delisted Increasing Safety For Our Communities] (Jun 20, 2021)</ref>

	<ref name="czbinancetwitter-1187">[https://twitter.com/cz_binance/status/1371866125449891842 @cz_binance Twitter] (Jun 19, 2021)</ref>		<ref name="czbinancetwitter-1187">[https://twitter.com/cz_binance/status/1371866125449891842 @cz_binance Twitter] (Jun 20, 2021)</ref>

	<ref name="newsdotbitcoin-1188">[https://news.bitcoin.com/another-binance-smart-chain-project-turtledex-rug-pulls-with-tokens-worth-2-5-million-confirmed-stolen/ Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen – Altcoins Bitcoin News] (Jun 19, 2021)</ref>		<ref name="newsdotbitcoin-1188">[https://news.bitcoin.com/another-binance-smart-chain-project-turtledex-rug-pulls-with-tokens-worth-2-5-million-confirmed-stolen/ Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen – Altcoins Bitcoin News] (Jun 20, 2021)</ref>

	<ref name="blockchaindotcom-1149">[https://itsblockchain.com/binance-smart-chain-rug-pulls/ Binance Smart Chain or Binance Scam Chain?- Here's what you need to know \| ItsBlockchain] (Jun 19, 2021)</ref>		<ref name="blockchaindotcom-1149">[https://itsblockchain.com/binance-smart-chain-rug-pulls/ Binance Smart Chain or Binance Scam Chain?- Here's what you need to know \| ItsBlockchain] (Jun 20, 2021)</ref>

	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>

	<ref name="kogocrypto-1189">[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto \| Latest & Breaking News from Cryptocurrency \| Bitcoin \| Altcoin \| Blockchain \| other finance] (Jun 26, 2021)</ref>		<ref name="kogocrypto-1189">[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto \| Latest & Breaking News from Cryptocurrency \| Bitcoin \| Altcoin \| Blockchain \| other finance] (Jun 27, 2021)</ref>

	<ref name="cryptosec-5385">[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8, 2022)</ref></references>		<ref name="cryptosec-5385">[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8, 2022)</ref></references>

Azoundria at 23:47, 18 February 2023

2023-02-18T23:47:20Z

← Older revision		Revision as of 17:47, 18 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}}
			{{Unattributed Citations}}

	[[File:Turtledex.jpg\|thumb\|TurtleDex]]An audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard.		[[File:Turtledex.jpg\|thumb\|TurtleDex]]An audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard.
Line 6:		Line 7:

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="ciphertrace-1132" /><ref name="bitcoinworld-1177" /><ref name="decrypt-1178" /><ref name="bscdotnews-1179" /><ref name="defistalkertwitter-1180" /><ref name="bscscan-1181" /><ref name="bscscan-1182" /><ref name="zephyrnet-1183" /><ref name="jetfuelfinancetwitter-1184" /><ref name="wublockchaintwitter-1185" /><ref name="jetfuelfinancemedium-1186" /><ref name="czbinancetwitter-1187" /><ref name="newsdotbitcoin-1188" /><ref name="blockchaindotcom-1149" /><ref name="slowmisthacked-1160" /><ref name="kogocrypto-1189" /><ref name="cryptosec-5385" />

	== About TurtleDex ==		== About TurtleDex ==
Line 43:		Line 45:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 65:		Line 66:
	\|-		\|-
	\|March 18th, 2021 12:00:00 AM		\|March 18th, 2021 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 78:		Line 75:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $2,500,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 89:		Line 86:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 100:		Line 97:

	== References ==		== References ==
	[https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-may-2021/ Cryptocurrency Crime and Anti-Money Laundering Report, May 2021 - CipherTrace] (May 23)		<references><ref name="ciphertrace-1132">[https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-may-2021/ Cryptocurrency Crime and Anti-Money Laundering Report, May 2021 - CipherTrace] (May 23, 2021)</ref>

	[https://bitcoinworld.co.in/binance-smart-chains-turtledex-drains-2-5-million/ Binance Smart Chain's TurtleDEX Drains $2.5 Million - Bitcoin World] (Jun 12)		<ref name="bitcoinworld-1177">[https://bitcoinworld.co.in/binance-smart-chains-turtledex-drains-2-5-million/ Binance Smart Chain's TurtleDEX Drains $2.5 Million - Bitcoin World] (Jun 12, 2021)</ref>

	[https://decrypt.co/62204/binance-smart-chain-hit-by-2-4-million-turtledex-exit-scam Binance Smart Chain Hit By $2.4 Million TurtleDex Exit Scam - Decrypt] (Jun 12)		<ref name="decrypt-1178">[https://decrypt.co/62204/binance-smart-chain-hit-by-2-4-million-turtledex-exit-scam Binance Smart Chain Hit By $2.4 Million TurtleDex Exit Scam - Decrypt] (Jun 12, 2021)</ref>

	[https://www.bsc.news/post/turtledex-performs-a-liquidity-siphon-rugpull-after-a-highly-anticipated-launch TurtleDex Performs a Liquidity Siphon Rugpull After a Highly Anticipated Launch] (Jun 19)		<ref name="bscdotnews-1179">[https://www.bsc.news/post/turtledex-performs-a-liquidity-siphon-rugpull-after-a-highly-anticipated-launch TurtleDex Performs a Liquidity Siphon Rugpull After a Highly Anticipated Launch] (Jun 19, 2021)</ref>

	[https://twitter.com/DefiStalker/status/1372842800744521733 @DefiStalker Twitter] (Jun 19)		<ref name="defistalkertwitter-1180">[https://twitter.com/DefiStalker/status/1372842800744521733 @DefiStalker Twitter] (Jun 19, 2021)</ref>

	[https://bscscan.com/address/0x473998a6efeb8c676d369e105afb6cc73a0fadbc#tokentxns Address 0x473998a6efeb8c676d369e105afb6cc73a0fadbc \| BscScan] (Jun 19)		<ref name="bscscan-1181">[https://bscscan.com/address/0x473998a6efeb8c676d369e105afb6cc73a0fadbc#tokentxns Address 0x473998a6efeb8c676d369e105afb6cc73a0fadbc \| BscScan] (Jun 19, 2021)</ref>

	[https://bscscan.com/token/0xc4957a864245aa4373be1f33ae24e93876b7dfe1 Turtledex Token (TTDX) Token Tracker \| BscScan] (Jun 19)		<ref name="bscscan-1182">[https://bscscan.com/token/0xc4957a864245aa4373be1f33ae24e93876b7dfe1 Turtledex Token (TTDX) Token Tracker \| BscScan] (Jun 19, 2021)</ref>

	[https://zephyrnet.com/another-binance-smart-chain-rug-pull-turtledex-drains-2-5-million-in-bnb/ Another Binance Smart Chain Rug Pull TurtleDex Drains $2.5m in BNB] (Jun 19)		<ref name="zephyrnet-1183">[https://zephyrnet.com/another-binance-smart-chain-rug-pull-turtledex-drains-2-5-million-in-bnb/ Another Binance Smart Chain Rug Pull TurtleDex Drains $2.5m in BNB] (Jun 19, 2021)</ref>

	[https://twitter.com/Jetfuelfinance/status/1372927328121188356 @Jetfuelfinance Twitter] (Jun 19)		<ref name="jetfuelfinancetwitter-1184">[https://twitter.com/Jetfuelfinance/status/1372927328121188356 @Jetfuelfinance Twitter] (Jun 19, 2021)</ref>

	[https://twitter.com/WuBlockchain/status/1373129947573805057 @WuBlockchain Twitter] (Jun 19)		<ref name="wublockchaintwitter-1185">[https://twitter.com/WuBlockchain/status/1373129947573805057 @WuBlockchain Twitter] (Jun 19, 2021)</ref>

	[https://jetfuelfinance.medium.com/turtledex-delisted-increasing-safety-for-our-communities-4530b9bb3001 Turtledex Delisted Increasing Safety For Our Communities] (Jun 19)		<ref name="jetfuelfinancemedium-1186">[https://jetfuelfinance.medium.com/turtledex-delisted-increasing-safety-for-our-communities-4530b9bb3001 Turtledex Delisted Increasing Safety For Our Communities] (Jun 19, 2021)</ref>

	[https://twitter.com/cz_binance/status/1371866125449891842 @cz_binance Twitter] (Jun 19)		<ref name="czbinancetwitter-1187">[https://twitter.com/cz_binance/status/1371866125449891842 @cz_binance Twitter] (Jun 19, 2021)</ref>

	[https://news.bitcoin.com/another-binance-smart-chain-project-turtledex-rug-pulls-with-tokens-worth-2-5-million-confirmed-stolen/ Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen – Altcoins Bitcoin News] (Jun 19)		<ref name="newsdotbitcoin-1188">[https://news.bitcoin.com/another-binance-smart-chain-project-turtledex-rug-pulls-with-tokens-worth-2-5-million-confirmed-stolen/ Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen – Altcoins Bitcoin News] (Jun 19, 2021)</ref>

	[https://itsblockchain.com/binance-smart-chain-rug-pulls/ Binance Smart Chain or Binance Scam Chain?- Here's what you need to know \| ItsBlockchain] (Jun 19)		<ref name="blockchaindotcom-1149">[https://itsblockchain.com/binance-smart-chain-rug-pulls/ Binance Smart Chain or Binance Scam Chain?- Here's what you need to know \| ItsBlockchain] (Jun 19, 2021)</ref>

	[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>

	[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto \| Latest & Breaking News from Cryptocurrency \| Bitcoin \| Altcoin \| Blockchain \| other finance] (Jun 26)		<ref name="kogocrypto-1189">[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto \| Latest & Breaking News from Cryptocurrency \| Bitcoin \| Altcoin \| Blockchain \| other finance] (Jun 26, 2021)</ref>

	[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8)		<ref name="cryptosec-5385">[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}} TurtleDexAn audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard. Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars. This is a global/international case not involvin..."

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Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}} thumb|TurtleDexAn audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard. Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars. This is a global/international case not involvin..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/turtledexexitswithuserfunds.php}}

[[File:Turtledex.jpg|thumb|TurtleDex]]An audited smart contract allowed the creators to remove funds, despite naming the project after a turtle, which would not have had hands long enough to use a keyboard.

Nothing appears to have been done to resolve the issue for investors, who are still out millions of dollars.

This is a global/international case not involving a specific country.

== About TurtleDex ==
TurtleDex was "a decentralized finance (DeFi) file storage project on the Binance Smart Chain (BSC)" "TurtleDex touted itself as a decentralized storage platform for users. It [promoted itself] as a “big data protocol” to help users keep data and preserve files without needing to keep them on their computer." "The team opened their liquidity pools on two major BSC DEXs: Pancakeswap and Apeswap." "The platform product launch was met with high expectations and excitement." "TurtleDEX raised 9000 BNB tokens worth $2.5 million in a pre-sale round on March 15." "The team raised their entire pre-sale round in just two hours."

"TechRate, an analytical agency that concentrates on blockchain-based platforms, audited the protocol. The analysts did not discover rigorous security issues, and the project was probably safe."

"[W]hen community members asked the TurtleDex team whether investments in the project carried risks of deception, they, playing on the name of the project, replied that the turtle had “too short hands” for this."

"On March 19, just days after their presale of 9,000 Binance tokens worth roughly $2.5 million, TurtleDex, a Binance Smart Chain (BSC) DeFi project, performed a rug pull on its investors. The project’s developers drained funds from trading pools on PancakeSwap and ApeSwap, converted them to Ether and send the funds to large, centralized exchanges in an attempt to cash out. While the project had previously been audited, no critical security issues were previously identified." "The situation comes shockingly to everyone due to the organic hype the project has achieved."

"Liquid[i]ty on both @ape_swap & @PancakeSwap [was removed] & swapped to $ETH, split to 9 wallets, all sent to @binance." "Based on TurtleDEX team wallet transactions, the DeFi project emptied the raised amount from trading pools on Pancake Swap and Ape Swap and transformed the ETH liquidity. They then transferred the funds to Binance exchange wallets to be traded."

"The social media accounts associated with the protocol were deleted soon after the exit." "At the same time, the TurtleDex website was unavailable, messages in the project’s Telegram group were banned, and administrator accounts were deleted." "[T]he owners instantly deleted TurtleDex’s telegram, the official website, and the Twitter page." "[T]he exchange has not made any official remark at the moment."

"$2.4 million in funds were drained from trading pools on major BSC DeFi exchanges Ape Swap and Pancake Swap."

"Now users are questioning the reputations of Apeswap and Jetfuel Finance, which have entered into a partnership with TurtleDex. Jetfuel subsequently delisted the TurtleDex token. The collaboration was to provide incentives to provide liquidity." "Jet Fuel Finance, a yield farming protocol that partnered with TurtleDex, confirmed the scam." "We are just as shocked as everyone to see this unfold."

"ApeSwap & Jetfuel perform due diligence on every project to make sure we’re bringing the best for our communities. But that can only go so far. Each one of our partners is a separate project and we must trust them to deliver, do the right things, and be responsible for their own investors and communities."

"All eyes are on Binance to mitigate the damage to investors’ pockets. So far there has been no word, but a tweet from company head CZ earlier this week clarified that “We actually help with a few rug pulls recently too.” Binance did not respond to Decrypt's request for comment." "[S]ome users are now asking Binance to intervene by freezing the stolen funds and reimbursing the affected investors."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - TurtleDex Exits with User Funds
!Date
!Event
!Description
|-
|March 18th, 2021 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
In our framework, we advise that all customer funds should be held in a cold storage multi-signature arrangement, and that signatories should be trained and background checked.

== References ==
[https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-may-2021/ Cryptocurrency Crime and Anti-Money Laundering Report, May 2021 - CipherTrace] (May 23)

[https://bitcoinworld.co.in/binance-smart-chains-turtledex-drains-2-5-million/ Binance Smart Chain's TurtleDEX Drains $2.5 Million - Bitcoin World] (Jun 12)

[https://decrypt.co/62204/binance-smart-chain-hit-by-2-4-million-turtledex-exit-scam Binance Smart Chain Hit By $2.4 Million TurtleDex Exit Scam - Decrypt] (Jun 12)

[https://www.bsc.news/post/turtledex-performs-a-liquidity-siphon-rugpull-after-a-highly-anticipated-launch TurtleDex Performs a Liquidity Siphon Rugpull After a Highly Anticipated Launch] (Jun 19)

[https://twitter.com/DefiStalker/status/1372842800744521733 @DefiStalker Twitter] (Jun 19)

[https://bscscan.com/address/0x473998a6efeb8c676d369e105afb6cc73a0fadbc#tokentxns Address 0x473998a6efeb8c676d369e105afb6cc73a0fadbc | BscScan] (Jun 19)

[https://bscscan.com/token/0xc4957a864245aa4373be1f33ae24e93876b7dfe1 Turtledex Token (TTDX) Token Tracker | BscScan] (Jun 19)

[https://zephyrnet.com/another-binance-smart-chain-rug-pull-turtledex-drains-2-5-million-in-bnb/ Another Binance Smart Chain Rug Pull TurtleDex Drains $2.5m in BNB] (Jun 19)

[https://twitter.com/Jetfuelfinance/status/1372927328121188356 @Jetfuelfinance Twitter] (Jun 19)

[https://twitter.com/WuBlockchain/status/1373129947573805057 @WuBlockchain Twitter] (Jun 19)

[https://jetfuelfinance.medium.com/turtledex-delisted-increasing-safety-for-our-communities-4530b9bb3001 Turtledex Delisted Increasing Safety For Our Communities] (Jun 19)

[https://twitter.com/cz_binance/status/1371866125449891842 @cz_binance Twitter] (Jun 19)

[https://news.bitcoin.com/another-binance-smart-chain-project-turtledex-rug-pulls-with-tokens-worth-2-5-million-confirmed-stolen/ Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen – Altcoins Bitcoin News] (Jun 19)

[https://itsblockchain.com/binance-smart-chain-rug-pulls/ Binance Smart Chain or Binance Scam Chain?- Here's what you need to know | ItsBlockchain] (Jun 19)

[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)

[https://www.kogocrypto.com/turtledex-a-binance-based-defi-project-rugpulls-and-transforms-9000-stolen-bnb-into-eth/ TurtleDex, a Binance-based DeFi project, rugpulls and transforms 9,000 stolen BNB into ETH. - KogoCrypto | Latest & Breaking News from Cryptocurrency | Bitcoin | Altcoin | Blockchain | other finance] (Jun 26)

[https://cryptosec.info/defi-hacks/ Comprehensive List of DeFi Hacks & Exploits - CryptoSec] (Jan 8)