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HomeCrypto NewsMarketDefi Platform Titano Finance Hacked For 4,828 BNB

Defi Platform Titano Finance Hacked For 4,828 BNB


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Titano Finance Reportedly Rug Pulls Investors With Nearly $2 Million Stolen.

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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. 

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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. 


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The unfortunate incident took a huge toll on the token’s value, as investors suffered huge losses due to the price dip. 

TITANO Price Dip Over 40%

Titano (TITANO), 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, TITANO is currently changing hands around $0.116, representing over 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 TITANO. Holders of the token are entitled to a steady return via the 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 make an investment of $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, it is advisable that traders conduct due diligence before investing in a project. 


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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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