DeFi Project Titano Finance Losses $1.9M in a Hack

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PeckShield specialists recorded yesterday an unauthorized withdrawal of 4,828 BNB (about $1.9 million) from the DeFi protocol Titano Finance, which is based on the Binance Smart Chain (BSC).

Amid the silence of the project team, PeckShield experts, as well as some other commentators, suspected the implementation of the rugpull scheme.

However, most users disagreed with their findings. They noted all Titano Finance smart contracts are still working. The Titano PLAY service for staking with lottery elements turned out to be compromised – a prize pool is drawn between its users every week, which depends on the number of participants.

Hours after PeckShield’s initial report, Titano Finance confirmed the PLAY contract had fallen victim to a hack.

They said the incident was “disconcerting” as the protocol code had previosly passed “all security checks.” According to the tweet, Certik conducted an audit in November last year.