In Brief:
- PeckShield warned investors of a possible rug pull eventon Metaswap.
- The scam was detected following an identification of 46.99% price drop on MetaSwap’s MGAS token.
- As per PeckShield, 1,100 BNB (worth $602,000) were stolen and transferred to TornadoCash.
Today, Blockchain security and data analytics company PeckShield warned investors of a possible rug pull event following the identification of a 46.99% price drop on the MGAS token of MetaSwap.
Interestingly, Metaswap has not responded to PeckShield’s findings. However, after the unexpected price drop, all official accounts linked with Metaswap Gas i.e., including Twitter, Instagram, and Medium were removed, thus, supporting PeckShield’s claim of a rug pull.
PeckShield also said MGAS, MetaSwap’s native token, had dumped by nearly 50%.
As a precautionary measure, PeckShield has asked investors to not stake on Metaswap Gas and also to revoke existing contracts to keep safe from further monetary losses.
PeckShield said 1,100 BNB (worth $602,000) were stolen and transferred to TornadoCash which is an Ethereum-based tool developed to break the on-chain link between the recipient and destination addresses. This makes it more difficult to trace the funds.
The MetaSwap protocol allows nonfungible token (NFT) swaps over the Ethereum, Binance, and Polygon blockchains.
There has been a surge in rug-pull scams these days. For instance, recently according to a report, cryptocurrency scammers made about $8 billion in revenue in 2021, led by a relatively new method known as “rug pulls.”
