The blockchain security company, PeckShield alerted investors to a potential rug pull after seeing a massive 46.99% drop in the price of MetaSwap’s MGAS token. The MetaSwap protocol enables the exchange of non-fungible tokens (NFTs) on the Ethereum, Binance and Polygon blockchains.
After the unexpected drop in prices, all official accounts linked to Metaswap Gas (including those of Twitter, Instagram and Medium) have been removed, backing up PeckShield’s claim that it was a slap on the wrist.
#RugPull PeckShield recognized that @MetaSwapMGAS Soft-rugged, the stolen funds (1,100 BNB) are sent to. transferred @TornadoCash (#BSC). DO NOT SHARE this Agreement and if you have agreed to it, CANCEL https://t.co/b7sSsMz3ZE
to???? PeckShield Inc. (@peckshield) December 27, 2021
According to PeckShield, 1,100 BNB tokens valued at nearly $ 602,000 have been transferred to a Tornado Cash account, a non-custody Ethereum-based solution that is used to break the link in the chain between sender and receiver. This process makes it harder to track down stolen funds.
PeckShield advises investors to discontinue the stakes of Metaswap Gas and to withdraw existing contracts to avoid further financial losses.
In December alone, several cryptocurrency projects fell victim to a number of exploits, resulting in a cumulative loss of more than $ 600 million. On December 21, Bent Finance proactively urged investors to withdraw their funds after confirming an exploit in one of their pools.
1 / There was an exploit from the Bent Deployer address that 20 days ago added the balance of cvxcrv and mim to an address in an unverified update. We only discovered that today. There are several members on this team and we will fix this.
to???? Bent Finance (@BENT_Finance) December 21, 2021
1 / There was an exploit of the Bent Deployer’s address which added the balance of cvxcrv and mim to an address in an update that was not verified 20 days ago. We only found out today. There are several members on this team and we are going to fix it.
Like other victims of the cryptocurrency community, such as Grim Finance, BitMart Yes AscendEX, Bent Finance has promised its investors to return any stolen funds. However, the team has not yet announced a plan for this:
“We recommend withdrawing the protocol monies until further notice. We are not going anywhere and will recover from it one way or another.”