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

Blockchain security firm PeckShield has alerted investors to a possible carpet mining event after identifying a massive 46.99% price drop on MetaSwap’s MGAS token. The MetaSwap protocol allows exchanges of non-fungible tokens (NFT) on Ethereum, Binance and Polygon blockchains.

As a result of the unexpected drop in prices, all official accounts linked to Metaswap Gas, including Twitter, Instagram and Average – were deleted, supporting PeckShield’s claim of carpet pull.

According to PeckShield, 1,100 BNB tokens worth almost $ 602,000 have been transferred to an account at Tornado Cash, an Ethereum-based non-custodial solution that is used to sever the chain link between sender and recipient. . This process adds to the difficulty of tracking stolen funds.

MetaSwap transfer details. Source: PeckShield.

PeckShield advises investors to stop betting on Metaswap Gas and revoke existing contracts to avoid further monetary losses.

Related: Bent Finance confirms pool feat and advises investors to withdraw funds

In December alone, many crypto entities fell victim to a series of exploits, resulting in a cumulative loss of over $ 600 million. On December 21, 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 its investors to return any stolen funds. However, the team has yet to announce a plan for the same:

“We recommend that you withdraw from the protocol until further notice. We’re not going anywhere and we’ll get over this somehow.