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

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

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After noticing a large 46.99% price drop on MetaSwap’s MGAS token, blockchain security firm PeckShield has warned investors about a possible rug pull incident. Over the Ethereum, Binance, and Polygon blockchains, the MetaSwap protocol facilitates nonfungible token (NFT) trades.

Following the price drop, all official Metaswap Gas accounts were deactivated, including Twitter, Instagram, and Medium, proving PeckShield’s accusation of a rug pull.

Moreover, according to PeckShield, 1,100 BNB tokens worth over $602,000 transferred to a Tornado Cash account, an Ethereum-based non-custodial solution meant to remove the on-chain link between the sender and the receiver. This approach makes it more difficult to track down the cash taken.

Details of the MetaSwap transfer. Source: PeckShield.

To avoid further financial losses, PeckShield urges investors to stop staking Metaswap Gas and terminate current contracts. Several crypto organisations hit by a series of exploits in December alone. Resulting in a loss of more than $600 million. Additionally, after confirming a pool exploit on December 21, Bent Finance aggressively requested that investors withdraw their funds.

Bent Finance guaranteed its investors that all cash taken would be returned. Similar to other victims of the crypto community such as Grim Finance, BitMart, and AscendEX. The squad, on the other hand, has yet to reveal a strategy:

“Until further notice, we advise you to leave the protocol. We’re not going anywhere, and we’ll get back on our feet in some way.”

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