Main navigation

$3.2 Million ETH Stolen Via MetaDAO DeFi Protocol Rugpull, After Another Project Pulls 1,100 BNB

Mon, 12/27/2021 - 14:26
article image
Arman Shirinyan
Millions stolen in the most recent DeFi scam series
$3.2 Million ETH Stolen Via MetaDAO DeFi Protocol Rugpull, After Another Project Pulls 1,100 BNB
Cover image via
Read U.TODAY on
Google News

A series of DeFi hacks, scams and rugpulls continue as some of the developers from the industry decide to abandon ship after the first signs of correction on the market. This time, a total of $3.8 million in users' funds were stolen.

Metadao rugpull

The first, more significant rugpull appeared only a few hours before press time with PeckShield security firm reporting a Metadao rugpull with 800 ETH being stolen.

ADA Price Approaches Critical Threshold as Cardano Foundation Boasts 13 Notable Collaborations

The tweet was followed by the etherscan link of the address page that has multiple transactions in the TornadoCash funds mixer. This is considered illegal in numerous countries since it is often used for money laundering and other illegal activities.

The address has already been marked as the "Metadao" rugpull address. It is currently holding 46 Ethereum coins. The last 75 Ethereum were transferred to the address only two hours ago. Previously, the wallet made more than 50 transactions while having a total of 180 transactions.

Currently, funds remain in the Tornadocash coin mixer, which means that tracking of users' funds is most likely impossible. The funds will probably be declared lost.

MetaSwap rugpull

In addition to the previously stolen Ethereum, another protocol based on Binance Smart Chain has let down its users by stealing approximately 1,100 BSC. While the value of stolen funds remains relatively low compared to the $3.2 million stolen, users have already expressed their concerns over the general safety of the network and industry.

Some individuals accused Binance Network of "fueling" such projects that are initially created to scam their users. The accusation was made based on the fact that during the DeFi and NFT craze on the cryptocurrency market, a large portion of the scam-related tokens, projects, coins and DAOs were created either on the Solana or Binance network.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.