Titano Finance, a decentralised financial platform, was hacked for 4,828 BNB

Titano Finance is said to have robbed investors of nearly $2 million.

Titano Finance, a cryptocurrency auto-staking and compounding tool, has been used to steal $1.9 million in Binance Coin (BNB).

The regrettable incident, which appeared to be a rug pull, saw attackers steal cash from the project’s liquidity pool in the early hours of today, according to blockchain security and analytics startup PeckShield Inc.

After stealing $1.9 million from the pool, the attackers moved the money to a wallet account, according to PeckShield.

In order to avoid being followed down by law enforcement agencies, the attackers split the funds over 23 wallet addresses, according to further investigations.

The regrettable episode had a significant impact on the token’s value, as investors incurred significant losses as a result of the price drop.

The price of TITANO has dropped by more than 40%.

Titano (TITANO), the project’s native cryptocurrency, was trading around $0.163 just before the hack, but it has since dropped below $0.038 on the news of the attack.

TITANO is presently trading at $0.116, showing a drop of approximately 40% in value in the previous 24 hours.

Is it a Rug Pull?

Titano Finance has yet to issue any updates on the event as of press time, leading many to suspect that the attack was a ruse.

Titano Finance stated less than 24 hours ago that its token had crossed the $100 million mark and that token adoption had exploded, with over 40,000 unique individuals holding the coin.

Titano Finance is a cryptocurrency staking and compounding technology that allows TITANO holders to receive a return on their investments. The Titano’s Auto-staking Protocol ensures that token holders receive a consistent return (TAP).

Titano members can earn a set APY of 102,483.58 and up to $1,002,758.54 with TAP when they invest $1,000.

Rug Pulling Increase

As project developers take advantage of some of the token code’s vulnerabilities, the number of bitcoin rug pulls has continued to rise.

Baby Musk Coin (BABYMUSK) creators took nearly $2 million from its liquidity last week, leaving investors baffled.

In a similar development, a YouTube streamer utilised this illegal method to swindle his audience of $500,000 and use the proceeds to buy a Tesla automobile.

While this type of crypto theft is on the rise, it is recommended that traders do their homework before investing in a project.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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