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.
#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,…