The Metaswap Gas protocol (MGAS) on the Binance Smart Chain (BSC) has become the target of a rug pull scheme, PeckShield researchers said.
#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
The platform positioned itself as a venue for trading non-fungible tokens on Ethereum, BSC and Polygon blockchains. Initially, experts reacted to the sharp drop in MGAS token price — nearly 47%.
According to them, damages amounted to 1100 BNB (~$602,000 at the time of writing). The withdrawn funds were sent to the Tornado Cash mixer.
Сайт Metaswap Gas is unavailable. Users reported that the protocol’s accounts on Twitter, Instagram and Medium have been removed.
They have also removed their Medium posts — https://t.co/DGyIrHRphn
— Arijit Sarkar (@askposs) December 27, 2021
Clients of the platform organized a Telegram group to hire specialists to locate the project organizers and recover assets.
To all the holders of $MGAS #Metaswap #MetaswapGas, here’s a group you can join where old holders like me are doing some discussions about #MGAS. I read some updates too. https://t.co/MmXiBDJvW8
— H O D L !!! (@AAAIGOOOOO) December 27, 2021
Analysts from PeckShield also reported that another protocol — MetaDAO — was the subject of the rug pull scheme. The damage amounted to 800 ETH (~$3.25 million).
As with Metaswap Gas, assets were sent to Tornado Cash.
#RugPull PeckShield has detected that @METADAO rugged, the stolen funds (800 Ether) are transferred to @TornadoCash (#Ethereum). DO NOT STAKE in this contract and if you’ve approved it, REVOKEhttps://t.co/82FREIL8Fu
— PeckShieldAlert (@PeckShieldAlert) December 27, 2021
According to Chainalysis, rug pull schemes accounted for more than a third of $7.7 billion in cryptocurrencies stolen from users in 2021.
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