Beware of This Altcoin: Accounts Deleted and Price Crashed!

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Following the unexpected price drop of altcoin Metaswap Gas (MGAS), the project’s social media accounts were deleted, confirming PeckShield’s “rug pull” claim. The blockchain security firm advises investors to stop their Metaswap Gas investments and cancel existing contracts to avoid further monetary loss. Here are the details and compensation steps…

Moved $602,000 worth of BNB from the altcoin project

Blockchain security firm PeckShield has warned investors of a possible “rug pull” after detecting a massive 46.99% price drop in MetaSwap’s MGAS token. The MetaSwap protocol allows NFT swaps on Ethereum, Binance, and Polygon blockchains. Following the unexpected price drop, all official accounts associated with Metaswap Gas, including Twitter, Instagram, and Medium, were removed, confirming PeckShield’s alleged scam.

According to PeckShield, 1,100 BNB tokens worth about $602,000 were transferred to an account in Tornado Cash, an Ethereum-based unattended solution used to break the on-chain connection between sender and receiver. This process makes it difficult to track the stolen funds.

PeckShield recommends stopping Metaswap Gas investments

The blockchain security firm advises investors to stop investing in Metaswap Gas and cancel existing contracts to avoid further monetary loss. In December alone, multiple cryptocurrencies fell victim to a series of exploits that resulted in cumulative losses of over $600 million. In the December 21 news we quoted as Somanews, 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 has promised to return all stolen funds to its investors. However, the team has yet to announce a plan for this:

We recommend that you withdraw from the protocol until further notice. We’re not going anywhere and we’re going to get away one way or another.