Titano Finance’s DeFi project at BSC Lost $1.9 million as a result of Hacking

On February 14, PeckShield specialists recorded an unauthorized withdrawal of 4828 BNB (~$1.9 million) from the Titano Finance DeFi protocol based on Binance Smart Chain (BSC).

A screenshot of PeckShield’s original tweet, which was subsequently deleted. Data: Twitter.

Against the background of the project team’s silence, PeckShield experts, as well as some other commentators, suspected the implementation of the rugpull scheme.

However, most users did not agree with their conclusions. They noted that all Titano Finance smart contracts are still working. The Titano PLAY service for betting with lottery elements turned out to be compromised — a prize pool is played weekly between its users, which depends on the number of participants.

A few hours after PeckShield’s initial message, Titano Finance representatives confirmed the hacking of the PLAY contract.

They called the incident “discouraging” because the protocol code passed “all security checks.” According to the pinned tweet, the audit in November 2021 was conducted by Certik.

The team suspended the PLAY service indefinitely until all vulnerabilities are eliminated. The project promised the affected users full compensation for the lost funds.

Representatives of Titano Finance also contacted the hacker via a blog:

“First of all, we know who you are and where you are, and we will relentlessly pursue. We give 24 hours to return the stolen funds without penalties. If this does not happen, the deal is canceled.”

The project referred to the extensive capabilities of the community, which has 42,000 users, and the support of the entire DeFi sector.

“Do the right thing and return the money, otherwise you will never be able to sleep peacefully,” the Titano Finance team said.

The native token of the TITANO protocol fell from $0.165 to $0.033 within an hour — by about 80%. At the time of writing, the asset has played a significant part of the fall and is trading at about $ 0.12.

Data: DEX Screener.

Recall that in January hackers removed digital assets worth about $80 million from the Qubit Finance landing platform based on BSC.

After the incident, the development team, which is also behind the Bunny Finance DeFi protocol, announced the transfer of project management to DAO.