Creating a folder with the name of ".." (without quotes), and then deleting it will delete the shared storage.
Reproduction:
Connect the device to a Windows PC, and open the shared folder (could work in Linux/Mac also, not sure. Haven't tried.). Have some random files/folders in the storage.
On the Windows machine, in the root folder of the MTP device create a directory called ".." (without quotes). This will create a folder called "New Folder".
Delete the newly created folder in Windows.
Result: the whole content of storage is wiped, including the random files you created in step 1.
Creating a folder with the name of ".." (without quotes), and then deleting it will delete the shared storage.
Reproduction:
Result: the whole content of storage is wiped, including the random files you created in step 1.