$3.2 Million ETH Stolen Via MetaDAO DeFi Protocol Rugpull, Following the Pull of 1,100 BNB by Another Project

A series of DeFi hacks, scams, and rugpulls continue as some of the industry’s developers abandon ship following the market’s initial signs of correction. This time, users’ money totaled $3.8 million.

The first, more significant rugpull occurred just hours before press time, with the PeckShield security firm reporting a Metadao rugpull resulting in the theft of 800 ETH.

The tweet was followed by the etherscan link to the address page, which contains many TornadoCash money mixer transactions. This is banned in a number of nations due to the fact that it is often used for money laundering and other illicit activities.

The address has already been designated as the rugpull address for “Metadao.” At the moment, it holds 46 Ethereum coins. Only two hours ago, the final 75 Ethereum were transferred to the address. Previously, the wallet completed more than 50 transactions out of a total of 180.

At the moment, funds remain in the Tornadocash coin mixer, making it extremely difficult to track users’ funds. Almost certainly, the monies will be deemed lost.

Along with the stolen Ethereum, another protocol based on Binance Smart Chain has let its users down by stealing approximately 1,100 BSC. While the sum of stolen assets remains little in comparison to the $3.2 million stolen, users have already raised worries about the network’s and industry’s overall security.

Binance Network has been accused by some of “fueling” such initiatives that were originally designed to defraud its users. The charge was made based on the fact that a considerable number of the scam-related tokens, projects, currencies, and DAOs were established on the Solana or Binance networks during the DeFi and NFT crazes on the cryptocurrency market.

Also Read: Canada And Bahrain Give The Go-Ahead To Binance