MonsterSlayer Rugpulls, Sending 2M to a Binance Wallet

It is vital to note that even a Certik audit doesn't guarantee protection from code exploits, rugpulls, and scam exits. Barely 48hrs after the deployment of the new MonsterSlayer regulation page, Certik tagged the incident a rugpull event.

By
Wilfred Victor
on
April 7, 2021
Category:
Breaking News

MonsterSlayer Rugpulled

An investigation of the official Telegram and Twitter handles of the MonsterSlayer platform shows no announcement of any rugpull incident. The last update from the Twitter handle only showed the newly deployed regulation page

But a closer look at Certik, the crypto audit firm that initially audited the projects codes and seats strongly at the base of the website page, indicates a warning sign and a description of a rugpull incidence.

The warning from Certik reads;

“The Dev moved the $5m stabilization funds to Binance and are now trying to control the panic until their timelock on the new contract.”


A Likely Occurrence

Barely 48hrs after the deployment of the new regulation page, Certik made the allegations and tagged the incidence a rugpull event. which reads zero (0) for most metrics.

The Regulation feature is integrated to act as a stabilizer to the MonsterSlayer stable coin’s algorithmic value and shows what goes on inside each of the Epoch, i.e., the redeemed, bonded, and expanded. 

A more precise explanation of the token metrics and function of each of the three native tokens of the platform ( Monster Slayer Cash <MSC>, Monster Slayer Share <MSS> Monster Slayer Bond <MSB> ) is written in this Medium post.

The regulation features/process is not given in detail in any of the project’s official information portals.


Shrouded in Silence

There is a resounding silence in all communication portals of the projects from the project team. No admin is in sight on the Telegram Group and has left users speculating, dropping inciting messages, and calling the project a scam.

Like this forwarded message from Dani, a Telegram member that alleges that a migrator function has been integrated into the new contract;

“If you're in on monsterslayer.finance, it might be best to withdraw your funds ASAP. There's a migrator function in their new contract."


The last Tweet update from the official handle shows the project team deflecting a user’s question about the current situation. From all indications, the speculation looks accurate with the team’s cold response, including the silence in the official Medium handle.

BSCAN Confirmation

A BNB transaction from the Regulation wallet into Binance hot wallet tracked on Bscan tells us much more about the developing situation and a further confirmation on Certik Rugpull claims.

A total of 5,749.57577337 BNB at above $2m in today’s rate was sent to the hot wallet 15hrs ago.


About MonsterSlayer Finance

The Game Finance team designed Monster Slayer as the foundation for their upcoming, entirely decentralized, and transparent NFT game. They combine aspects of an interesting NFT game using a stablecoin with the speed of the cost-effective Binance Smart Chain.

In Conclusion

Auditing codes aim to reduce risk against code exploit, which is unfortunately not always the case as the new MonsterSlayer codes have been exploited.

Code exploits sometimes happen even with the development team’s best intention; however, deceptive and notorious projects can pull off one without recourse to their investing community or project.

This situation makes it even harder for newbie investors to trust the blockchain’s investment abilities and could further make adoption a much more challenging feat to achieve.

We strongly advise you to do your research (DYOR) and only invest in Defi projects with money you can afford to lose. Kindly apply strict financial management and caution in your trade and investment at this time.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.