Beast Masters NFT GameFi Suffers Attack, Users Fear a Rugpull

The signs all point to a rug pull from Beast Masters, a protocol that appears to be exactly what it was not.

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Developing Situation for Beast Masters

The Beast Masters NFT tokens announced an attack to its protocol on December 30. Users fear the worst as the protocol has deleted its Telegram and Discord as of December 31, telling users all official communication will occur through Twitter. 

Information on the events is still emerging. The Beast Masters NFT project recently saw a successful NFT pre-sale and had promised users the release of an accompanying game shortly in the New Year. Many users were anticipating a fun game but the disappearance of social media channels that were previously very active is not a good indication that the protocol’s roadmap will be followed. It is not clear how much value has been misplaced during the situation, but estimations in Twitter comments are as high as half a million dollars. 

“The liquidity of the token will be returned in the most fair and feasible way, for which we will talk with advisors and the community in order to define the course of actions to be taken,” tweeted the protocol in an explanation thread on December 30, translated from Spanish.

The comment sections of the Twitter thread show an immensely frustrated community, leaving comments of disgust and disbelief. The protocol had over 5,000 holders, many of which appear to be from Argentina and South America, where the protocol itself is from. The protocol has made statements that they are in the process of remedying the situation, but its actions show indifference writ large.

All Signs Point to Rug Pull

BSC News is not quick to claim a rug pull, but the signs are showing this to be true. The protocol is a lesson for users that a rug pull can come seemingly out of nowhere. The Beast Masters protocol had a solid-looking website, an audit, active social media, recognizable whale accounts, etc. Based on the commentary, the protocol pulled the wool from several users’ eyes.

“I saw the work behind the project, of high quality in the various areas, so I do believe what they say because it makes no sense to tear everything down after so much effort. I hope I can recover the money invested by staking the token,” tweeted @The_Witch_King, translated from Spanish.

Other more prominent users seem to have been suspicious for a few weeks as well. The popular Spanish language Twitch stream Varik0 had his own remarks:

“Do not forget that this is FALSE, they have been taking BNBs from the money of the NFTs presale for more than 20 days, now they have been located, denounced, and they fear retaliation, that is why they tell this lie,” tweeted @varik0 (translated from Spanish).

According to data from CoinGecko, Beast Masters saw over $15 Million in daily transactions during the first few weeks of December. The project was also audited by Dessert Finance, who reminded users in its disclaimer that an audit is not a sure-proof mechanism to prevent an audit. Ultimately, trusting the protocol and the smart contract are the determining factors.‍

Source: BSC News