With millions being stolen in the DeFi scam series, $3.2 million in ETH was once again stolen via MetaDAO’s DeFi Protocol Rugpull.
A series of DeFi hacks, scams, and rugpulls has continued as some industry developers decide to abandon ship after the market shows signs of correction. A total of $3.8 million in user funds was stolen this time.
The first, more significant rugpull occurred just hours before press time, with the PeckShield security firm reporting a Metadao rugpull that resulted in the theft of 800 ETH.
The tweet was followed by an etherscan link to the address page of the TornadoCash funds mixer, which has multiple transactions. Many countries consider this illegal because it is frequently used for money laundering and other illegal activities.
#RugPull PeckShield has detected that @METADAO rugged, the stolen funds (800 Ether) are transferred to @TornadoCash (#Ethereum). DO NOT STAKE in this contract and if you’ve approved it, REVOKEhttps://t.co/82FREIL8Fu— PeckShieldAlert (@PeckShieldAlert) December 27, 2021
The address has already been marked as the rugpull address for “Metadao.” It currently has 46 Ethereum coins in its possession. Two hours ago, the last 75 ether were transferred to the address. Previously, the wallet completed more than 50 transactions out of a total of 180.
Currently, funds are held in the Tornadocash coin mixer, making it nearly impossible to track users’ funds. The funds are most likely to be declared lost.
Aside from the previously stolen Ethereum, another Binance Smart Chain-based protocol has let its users down by stealing approximately 1,100 BSC. While the amount of money stolen is small in comparison to the $3.2 million taken, users have expressed concerns about the network’s and industry’s overall security.
#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
Some people have accused Binance Network of “fueling” enterprises that are designed to defraud their users. The charge was made based on the fact that a considerable number of scam-related tokens, projects, coins, and DAOs were established on the Solana or Binance networks during the DeFi and NFT boom on the cryptocurrency market.