The total loss for both projects amounted to $3.8 million.
The Metaswap Gas Protocol (MGAS) is an exit scam, says PeckShield.
PeckShield experts warn investors after revealing a sharp 46.99% drop in the price of MGAS tokens. After that, all the official accounts of the project on Twitter, Instagram and Medium were deleted. The developers of Metaswap Gas positioned the project as a platform for the exchange of non-exchangeable tokens on the Ethereum, BSC and Polygon blockchains.
According to PeckShield, 1,100 BNB worth nearly $602,000 has been deposited into the Tornado Cash account. This service helps users to anonymize cryptocurrency transactions.
PeckShield later posted a new protocol warning with a MetaDAO-like name. According to the security firm, the project uses the same carpet recall scheme and the same towing service as Metaswap Gas.
The attackers withdrew 800 Ethereum (~$3.2 million) from the project, PeckShield experts said.
The total loss for the two projects is around US$ 3.8 million.
As a reminder, in November, scammers capitalized on the popularity of the Squid Game series and created the cryptocurrency Squid Game (SQUID). The token price quickly hit $2,861 and plummeted to zero. As a result, users lost about $2.1 million.
Read also: Fraudsters are using the Indian Prime Minister’s Twitter to promote crypto scams.