Rug Pulls: Tetris Pulls a Robin Hood Exit Scam

Its always important to practice safety when making financial decisions, learn more about the latest rug pull on the Binance Smart Chain, Tetris.Menu.

By
Goon Trades
on
December 20, 2020
Category:
Breaking News

What Is Tetris.Menu?

Tertris.menu announced its launch on December 14th, minting TTR and distributing it to users for supplying liquidity. Tetris propped itself as a “Swap – Pool – Farm” platform, likely making it a SushiSwap or UniSwap fork. It allowed users to supply liquidity for nine different BNB pairs (offering 18k out of 20k supply), the most considerable rewards were allocated to BNB-TTR (8k out of 20 k). The remaining two thousand tokens were allocated for initial liquidity, an airdrop, and a small reserve for additional pools. 

The following table outline the basic token allocation for LP’s which was 90% of the 20k token allocation


Overall, Tetris.Menu had a fundamentally inflationary tokenomics, capped at twenty thousand TTR, that allured users due to high token emissions in volatile pools such as BNB/TTR.

The Robin Hood Rug Pull

This rug pull's premise revolves around the unlimited spending signature that most SUSHI and UNI forks default to. This unlimited spending allowance is one of the most frequent ways that projects exploit users to steal liquidity. A quick way to check which projects you have allowed unlimited spending is through using the Beefy.Fi allowance checker. While a project with unlimited spending is never a clear indicator of a rug, the allowance checker allows you to quickly manage which projects have unlimited allowance.


Safety

Unlimited allowance has been the most prevalent rug pull tactic on both the Binance Smart Chain (BSC) and the Ethereum Network. This simple signature gives enormous power to the respective projects, so people must understand the underlying smart contract risk. To ensure your own safety, it is always essential that you DYOR (Do your own research) and consult a financial professional when making financial decisions. Overall, smart contract risk is a prevalent risk in De-Fi, and users need to understand this.

Users who wish to brush up on their security checkout the following (Spot A Rug & Keep Funds Safe) articles by The Ape. On top of this our latest Dive Into De-Fi, features general information.


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Goon Trades

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.