MetaSwapGas soft-rugged investors for $602,000 💰

QuillAudits - Web3 Security 🛡️

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QuillHash

4 min readJan 1, 2022

Events Under the Spotlight

Project owners of a Scam token Rug Pulled Investors

$CoinGecko, a scam token claiming to be coingecko.com, project owners rug pulled investors by removing liquidity from PancakeSwap.
The token value fell as low as 99.99% at the time of writing.

SashimiSwap suffered a Flash Loan attack

SashimiSwap, a UniSwapV2 fork DEX, was flash loaned.
The attacker created fake ERC 20 token which were not deducted from the hacker’s balance when transferring the tokens.

Beast Masters Token, an RPG NFT game Rug Pulled Investors

Beast Masters Token ($MASTER), a training and adventure RPG NFT game, rug pulled investors.
The platform deleted their website and social media accounts including Twitter, Telegram and Discord.
The token price fell to 99.4% low after the rug pull news broke out. Project owners ran away with tokens from PancakeSwap.

Super Fox Rug Pulled Investors, token price fell to 99.99%

Super Fox ($SPF) rug pulled investors by draining funds from PancakeSwap.
As a result, the price of $SPF token declined to 99.99% leaving investors in panic.
The stolen funds were transferred multiple times from the hacker wallet.

Snowflake Floki was spotted as a Honeypot Scam

Snowflake Floki is a metaverse based ERC-20 token casino on BSC.
It was identified to be a scam honeypot due to the disabled sell function in the smart contract.
The project currently has no smart contract security audit which should be a matter of concern.
People are advised to proceed with caution.

Fake $MASK token listed on DexTools, resulting in a price surge of 2,600%

Someone made a fake $MASK token (derived from MetaMask wallet).
And listed the token as verified on DexTools.
It was possbile due to faulty coding in the DexTools website.
It was done by injecting malicious code into the title and description.
Tokens worth $1M were sold and as a result, the token price quickly grew by 2,600%.

MetaSwapGas soft-rugged investors for $602,000

MetaSwapGas, an NFT swapping platform soft-rugged investors for $602,000 or 1,100 BNB.
It was executed by deleting the project’s social media including Twitter, Instagram and Medium handles and delisting the token on CoinMarketCap.
The tokens were routed through Tornado Cash to prevent tracking.
The token’s price dropped 47% as a result.

MetaDAO Rug Pulled Investors for $3.2M

MetaDAO rug pulled investors for $3.2 million or 800 ETH.
All the stolen funds were transferred through Tornado Cash on Ethereum.
MetaDAO’S website and Twitter account is unreachable.

Mirror Protocol became the victim of a governance attack

Mirror Protocol became the victim of a governance attack.
A scammer created fake pools to take advantage of the liquidity traction in the pool by sending 25,000,000 $MIR and confuse the community.
The scam pools were reported to the community for voting ‘no’ in the governance voting.

To the Numerophiles out there 🔢

From art to gaming: The biggest NFT trends of 2021

Source

More From the Editor’s Desk

Have you even glanced through the above headlines, you must have noticed that Rug Pulls were in the Spotlight this week.

The issue has been widespread in DeFi projects, and not even the whales have escaped unscathed. Any incident of rug-pull not only kicks back a specific project and spoils its prices but creates suspicion about the whole industry. Investors become unsure about the right venues to put in their capital.

Rug-pull is the biggest fear of the stakeholders in DeFi. The biggest factor in such a level of fraudulent activities is faulty smart contracts.

Checkout “how we can Preempt Rug Pulls through Audits”.