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BTC $38239.20 (2.31%)
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BCH $304.79 (4.46%)
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LTC $112.07 (2.42%)
BNB $392.95 (3.80%)
ADA $1.10 (4.75%)
DOGE $0.15 (5.61%)

PeckShield Spots 46.99% Decline of MGAS Token, Cautions Possible Rug Pull

MetaSwap MGAS News

After it identified MetaSwap’s MGAS token price drop to 46.99%, PeckShield has warned investors and crypto apes about a possible rug pull.

Hurriedly, PeckShield expects MGAS token’s rug pull event to occur soon. As a result of the MGAS price drop incident, the overall Metaswap Gas social media accounts including Twitter, Instagram, and medium got deleted. 

This appears to be quite a catastrophe for the MetaSwap network. Additionally, this calamity seemingly confirms PeckShield’s rug pull claims. Through the incident, over 1,100 BNB tokens were transferred directly to an anonymous account on Tornado Cash.

Notably, due to the nature of the transfer, tracking the stolen funds has become cumbersome. With this, PeckShield advises investors and traders to stop staking on Metaswap Gas. Moreover, the company cautions that everyone should cancel their existing contracts to avoid further loss.

Similarly, lots of crypto firms became victims of hackers’ misdeeds this year that resulted in a cumulative loss of over $600 million. Even just this month, Bent Finance asked its investors to withdraw their funds due to its platform exploit.

We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.

Furthermore, other heavyweight companies including Grim Finance, BitMart, and AscendEX also faced an exploit this year.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.