Following the unexpected price drop of Metaswap Gas (MGAS), the project’s social media accounts were deleted and PeckShield’s “rug pull” claim was confirmed. Behind the scenes of widespread “DeFi hacking” and “rug pull” incidents, some developers in the industry are abandoning projects after the big fix in early December. The latest news came from Metasdao, where users lost 3.8 million. Funds belonging to the altcoin project are rendered untraceable via TornadoCash.
Developers abandon ship after fix
The “rug pull” allegations were confirmed a few hours after the PeckShield Blockchain security firm reported that 800 ETH had been moved from Metadao. In its PeckShield tweet, it detected multiple transactions on the TornadoCash funds mixer, which it monitors via Etherscan. This platform is considered illegal in many countries as it is used for illegal and money laundering activities. While publishing the transfer history, the firm warned that smart contracts should be discontinued and not staking.
The addresses of the altcoin project, which has deleted all social media accounts, are marked as “Metadao rug pull” and are closely followed. Currently, 46 ETH is held at these addresses and 75 of them have been moved recently. Previously, the wallet was processing more than 50 transactions, making a total of 180 transactions. However, it means that it is most likely impossible to track, as the stolen funds were taken into the Tornadocash transaction mixer.
Altcoin investors are also worried about the BSC network
cryptocoin.com As we reported earlier, another protocol based on Binance Smart Chain in addition to Ethereum has disappointed its investors by stealing 1,100 BSC. While the total loss here remains relatively low compared to $3.2 million, users have expressed concerns about the overall safety of the industry.
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