Metaswap Gas incommunicado as experts link MGAS price drop to rug pull

Ethereum News

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.

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.

Details of the MetaSwap transfer. Source: PeckShield.

PeckShield advises investors to stop staking on Metaswap Gas and revoke existing contracts to avoid further monetary losses. 

Related: Bent Finance confirms pool exploit, advises investors to withdraw funds

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.

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.”

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