MGAS Rug Pulled: 1100 BNB or $600K Lost

Key Takeaways:

  • Today PeckShield has warned investors about a possible rug pull on MetaSwap’s MGAS token.
  • They have noticed a massive 46.99 % price drop on MetaSwap’s MGAS token.
  • All official Metaswap Gas accounts have been deactivated, including Twitter, Instagram, and Medium.
  • According to PeckShield, 1,100 BNB tokens worth nearly $602,000 were transferred to an account on Tornado Cash.

Today PeckShield, a blockchain security firm, has warned investors about a possible rug pull. They have noticed a massive 46.99 % price drop on MetaSwap’s MGAS token. Nonfungible token (NFT) swaps are possible on the Ethereum, Binance, and Polygon blockchains using the MetaSwap protocol. Following the price drop, all official Metaswap Gas accounts were deactivated, including Twitter, Instagram, and Medium, confirming PeckShield’s claim of a rug pull.

According to PeckShield, 1,100 BNB tokens worth nearly $602,000 were transferred to an account on Tornado Cash, an Ethereum-based non-custodial solution that is used to break the on-chain link between the sender and the receiver. This process makes it even more difficult to track down the funds that have been stolen. To avoid further financial losses, PeckShield advises investors to stop staking Metaswap Gas and revoke existing contracts.

Mgas Rug Pulled
MGAS Rug Pulled
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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.