The blockchain security company, PeckShield, alerted investors to a possible rug pull after identifying a massive 46.99% price drop for MetaSwap’s MGAS token. The MetaSwap protocol allows exchanging non-fungible tokens (NFTs) on the Ethereum, Binance and Polygon blockchains.
Following the unexpected price drop, all official accounts linked to Metaswap Gas (including those of Twitter, Instagram and Medium) were removed, supporting PeckShield’s claim that it was a slap on the wrist.
#RugPull PeckShield has detected that @MetaSwapMGAS soft-rugged, the stolen funds (1,100 BNB) are transfered to @TornadoCash (#BSC). DO NOT STAKE in this contract and if you’ve approved it, REVOKE https://t.co/b7sSsMz3ZE
– PeckShield Inc. (@peckshield) December 27, 2021
According to PeckShield, 1,100 BNB tokens worth almost $ 602,000 were transferred to a Tornado Cash account, a non-custodial Ethereum-based solution used to break the link in the chain between sender and receiver. This process adds to the difficulty of tracking down stolen funds.
PeckShield advises investors to stop staking Metaswap Gas and revoke existing contracts to avoid further monetary losses.
In December alone, several cryptocurrency projects fell victim to a series of exploits, resulting in a cumulative loss of more than $ 600 million. On December 21, Bent Finance proactively asked investors to withdraw their funds after confirming an exploit in one of its pools.
1 / There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.
– Bent Finance (@BENT_Finance) December 21, 2021
1 / There was an exploit of the address of the bent deployer, which added balance of cvxcrv and mim to an address in an unverified update 20 days ago. We just found this out today. There are several members on this team and we will fix it.
Like other victims of the cryptocurrency community, such as Grim Finance, BitMart Y AscendEX, Bent Finance promised its investors to return all stolen funds. However, the team has yet to announce a plan for it:
“We recommend that the protocol funds be withdrawn until further notice. We are not going anywhere and we will recover from this one way or another.”
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