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PeckShield Identifies Massive 46.99% Price Drop On MetaSwap’s MGAS Token

PeckShield, the blockchain security company, has alerted investors of a possible rug pull event after identifying a massive 46.99% price drop on MetaSwap’s MGAS token.

It has been reported that the MetaSwap protocol allows nonfungible token (NFT) swaps over the Ethereum, Binance, and Polygon blockchains. After 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.

However, 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.

The report said that 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 December 21, Bent Finance proactively asked investors to withdraw their funds after confirming a pool exploit.

Thus, 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.

Source: Cointelegraph



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