Metaswap Gas incommunicado as experts link MGAS price drop to rug pull
Blockchain security company PeckShield has alerted investors of a possible rug pull event after identifying a massive 46.99% price drop on MetaSwap’s MGAS token. The MetaSwap protocol allows nonfungible token (NFT) swaps over the Ethereum, Binance and Polygon blockchains.
Following the unexpected price drop, all official accounts linked with Metaswap Gas — including Twitter, Instagram and Medium — were removed, supporting PeckShield’s claim of a rug pull.
#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 an account on Tornado Cash, an Ethereum-based non-custodial solution that is used to break the on-chain link between the sender and the receiver. This process adds to the difficulty in tracking the stolen funds.
PeckShield advises investors to stop staking on Metaswap Gas and revoke existing contracts to avoid further monetary losses.
In December alone, numerous crypto entities became victims to a series of exploits, resulting in a cumulative loss of over $600 million. On Dec. 21, Bent Finance proactively asked investors to withdraw their funds after confirming a pool exploit.
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
Similar to other victims of the crypto community including Grim Finance, BitMart and AscendEX, Bent Finance promised its investors to return all the stolen funds. However, the team is yet to announce a plan for the same:
“We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.”