Another unfortunate project used users’ trust to steal and then launder 2,660 BNB
Despite the significant drop in BNB’s network activity, the number of fraudulent projects on the chain hasn’t stopped growing since the infamous DeFi hacks and the rug pulling back in December 2021.
According to PeckShield blockchain security service, the TopGoal project has dumped over 2,660 BNB worth of tokens and washed them through a coin mixing solution that allows developers to remain completely anonymous.
# ragpul The deployer already had a large amount of TMT mined, poured into just 2660+ BNB, and washed away @TornadoCash https://t.co/7c8QuGVrZ2 https://t.co/2tCzhI4Ffi pic.twitter.com/2QIRCsF5A0
– PeckShield Inc. (@peckshield) February 16, 2022
As the report shows, the dumped tokens were initially pre-generated, which is generally considered a red flag for any project. Pre-Mine or Pre-Mint is often allocated among developers after a certain period of time. But in the case of TMT, the previously generated tokens were not locked; Therefore, mass rugs were a matter of time.
At press time, the price of the coin was down 55% in a matter of hours. Most of the users started giving up their holdings shortly after, which pushed the price even higher.
According to comments from some users, the project previously participated in an “Ask Me Anything” session with the CEO of Binance, giving it more credibility. But at the same time, there is no way to confirm whether any such incident has happened or not.
Previously, the Titano Finance DeFi protocol hardened its users by withdrawing nearly $2 million worth of users’ funds. After a transaction is made on one address, developers redistribute the tokens to 24 smaller addresses.