Blockchain security firm PeckShield has warned investors about a potential rye withdrawal event after revealing a massive 46.99% drop in the MGAS MetaSwap token. The MetaSwap protocol allows non-fungible (NFT) tokens to be exchanged between the Ethereum, Binance, and Polygon blockchains.
After the unexpected price drop, all official accounts associated with Metaswap Gas have been deleted, including Twitter, Instagram and Medium, confirming PeckShield’s claim to the carpet.
According to PeckShield, 1,100 Binance Coin (BNB) worth approximately $602,000 have been transferred to an account with Tornado Cash, an Ethereum-based no-deposit solution used to break the chain between sender and recipient. This process makes it more difficult to track down stolen funds.
Details about the MetaSwap migration. Source: Pick Shield.
PeckShield advises investors to stop investing in Metaswap Gas and withdraw existing contracts to avoid further financial losses.
Related topics: Bent Finance confirms the use of the pool and advises investors to withdraw funds
In December alone, several cryptocurrencies fell victim to a series of exploits, resulting in a cumulative loss of more than $600 million. On December 21, Bent Finance asked investors to withdraw their funds after confirming the pool had been used.
Like other victims of the crypto community, including Grim Finance, BitMart and AscendEX, Bent Finance has promised its investors to return all stolen funds. However, the team has not yet announced plans for itself:
We recommend opting out of the protocol until further notice. We’re not going anywhere and we want to get out of this one way or another.”
