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

NFT Swapping Platform MetaSwap Allegedly Rug Pulled: $600k Worth of BNB Stolen
Photo by Bermix Studio / Unsplash

The malevolent activities in the crypto world have continued into the month of December, if not worse. As a result, eyebrows have been raised on MetaSwap, suspected of having carried out the recent heinous act. Earlier in the day, it was reported that the team backing Meta Swap allegedly swapped Ethereum, Binance and Polygon, stealing 1,100 BNB in the process. Not long after, the native token dwindled.

As a result of the malicious act suspected to be carried out by the MetaSwap team, a blockchain security and data analytics resource, PeckShield, advised that a soft rug pull be carried out. This is the neglect of a project by the pioneers and is achieved by selling a large number of their tokens in exchange for money.

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Also, the company alleged that the 1,100 BNB stolen is worth $605,000 approximately, and the same was conveyed to TornadoCash, a tool that is Ethereum-based. It was developed solely to disrupt the link of transactions that occurs on the blockchain between the recipient and the destination address. PeckShield also asserted that the native token of MetaSwap – MGAS – had tanked by closely 50%.

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Although the claims by PeckShield are yet to be founded, it was reported that the team of MetaSwap has gone ahead to erase all social media channels connected to the protocol, which led to the suspicions.

The month of December is most likely to be filled with many malevolent activities in the digital asset space, more specifically DeFi. In the previous week, it was reported that a project of DeFi – Grim Finance was manoeuvred of roughly $30 million worth of Fantom (FTM).

In addition, a crypto exchange platform, AscendEx, formerly referred to as Bitmax, was a victim of a hack, which resulted in the loss of up to $80 million. Finally, at the beginning of December, Bitmart was also assaulted, and the conspirators made away with $200 million in diverse digital assets.

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