This "famous" migrator code has been unfortunately noticed too many times since the Binance Smart Chain is running. So many scams/rug pull have been done within last months with the help of this migrator code and millions of dollars stolen to users.
You can check Koala's LYPTUS and Masterchef contract : There's no migrator function and no way for the dev team to steal your funds.
What can the migrator code do ?
With a migrator function in place into the Masterchef contract, the owner of the Masterchef contract (generally a timelock contract or the dev team) can call the function to move all funds out of the Masterchef contract to any other address and by doing this steal all funds.
Why does this migrator code exist into so many project on BSC ?
The migrator code exist into a lot of Binance Smart Chain project because they all forked PanCakeSwap and this code is into the PanCakeSwap's Masterchef contract from the origin. You should be scared about reading this because that means that PanCakeSwap chef could steal all PanCakeSwap funds within 6 hours (the PanCakeSwap's Timelock minimum delay). We don't say the PanCakeSwap will ever use this migrator function for malicious action but is it technically possible.
So for PanCakeSwap, we could assume that they are too big to fall and probably backed by Binance BUT check all other forks and have a look to there Masterchef contract... if the migrator function is still there, ask yourself if your funds are safe!