Titano Finance, an automatic staking and compounding platform, exploited $1.9 million worth of Binance Coin (BNB). Hackers stole $1.9 million from the liquidity pool today and sent it to a wallet address.
PeckShield Inc noted that attackers split the funds into 23 wallet addresses. PeckShield added that they did this to avoid being tracked down by law enforcement agencies. Unfortunately, due to this, investors suffered huge losses.
Price dipped below $0.038
Price of Decentralized Finance (DeFi) platform Titano (TITANO) finance dipped over 40% in the last 24 hours. This native cryptocurrency project was expected to fall below $0.038, suggests the report of Bitcoin Support. This dip is one of the significant falls causing massive losses for the investors.
The hack could be a rug pull
The report also adds that the token surpassed $100 million. Token of Titano Finance was adopted by 40,000 unique holders holding the cryptocurrency. But holders of the token are entitled to a steady return. They allow users to earn yield when investing $1,000.
Titano Finance is a staking and compounding cryptocurrency that allows TITANO holders to earn a return on their investments. Titano’s Auto-staking Protocol assures that token holders get a steady investment return (TAP).
When Titano members invest $1,000 in TAP, they can receive a fixed APY of 102,483.58 and up to $1,002,758.54.
The constant rise in cryptocurrency rug pulls
The project’s developer-controlled bugs to increase the rate of cryptocurrency rug pulls. In addition to this, the Baby Musk Coin stole over $2 million from its liquidity.
In a similar incident, investors worry that a YouTube streamer defrauded his fans by $500,000. It is expected that this YouTube streamer purchased a Tesla Car with this amount.
This concern will continue with the increase in fraud by crypto heists. Investors should conduct reasonable steps before investing in cryptocurrency to avoid such offenses.
The hacking of Titano Finance is a significant concern for cryptocurrency investors.
