NFT Swapping Platform MetaSwap Allegedly Rug Pulled: $600K Worth of BNB Stolen

Reports emerged earlier today indicating that the team behind MetaSwap – a protocol enabling NFT swaps over Ethereum, Binance, and Polygon – has stolen 1,100 BNB. Shortly after, the native token tanked.

• The blockchain security and data analytics resource – PeckShield – detected suspicious behavior coming from the MetaSwap team and suggested a soft-rug pull.
• More precisely, the company said the team behind the NFT swapping platform had stolen 1,100 BNB (worth appr. $605,000) and transferred it to TornadoCash – an Ethereum-based tool developed to break the on-chain link between the recipient and destination addresses.
• PeckShield also said the MetaSwap’s native token – MGAS – had dumped by nearly 50%.

#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

• While PeckShield’s allegations are not yet confirmed, MetaSwap’s team went on to delete all social media channels related to the protocol, which raises suspicions even more.
• Thus, December continues to witness malicious activities in the digital asset space and DeFi particularly.
• CryptoPotato reported last week when the DeFi project – Grim Finance – was exploited for roughly $30 million worth of Fantom (FTM).
• Previously, the crypto exchange AscendEX (formerly known as BitMax) fell victim to a hack, with up to $80 million swiped. At the start of the month, Bitmart was breached, and the attackers took $200 million in various digital assets.