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.

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