Hello my fellow bloggers! Turtle.dex just performed exitscam taking $2m worth of crypto. This is another remainder to always do your own research.
Another day another team ran away with investors’ money. This time this was Turtle.dex, a new project on Binance chain. I will not go into too much details. Full info can be found in this article. The overall story is simple. The project just completed presale on March 15. Collected funds from investors, deleted all accounts in all social network, converted funds to ETH and is now trying to get away with them. Yet this time there are two interesting things I want to discuss with you.
Hype doesn’t protect you from scam
Turtle.dex was a very hyped project. Presale (March 15) ended in just 2 hours. This is very fast even for a DeFi project. The hype was pretty organic. The team promised some good technology and many people believed in this project. The team opened their liquidity pools on two major BSC DEXs: Pancakeswap and Apeswap. TTDX tokens were unlocked and opened to circulation on March 18th at 15:00 UTC. And the price quickly pumped above its pre-sale value. The project partnered with Apeswap and JetfuelFinance. The project really looked good, but still was a well planned trap. The morale of the story is simple – do your own research. Don’t believe in partnerships, don’t believe hype. Partnerships in crypto often mean nothing, just a couple twitter post to pump the price. Hype is often generated by people who invest without any proper research.
Possible recovery
Is there a chance to recover money? Usually no. This time things might be slightly different. The team converted stolen money to ETH and sent it to Binance CEX. There is a chance Binance will move fast enough to lock the funds and return them to investors. BSC is a centralized ecosystem and they care about reputation. In any case, you should never rely on it. Crypto land is the wild west. You can trust only yourself. You can rely only on yourself to protect your investment.
What is your experience with scam projects? Do you have your own list of “no go” rules? Share your thoughts in the comments below!
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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