Magnate Finance on Base rug-pulls users of $6.5M, as predicted by on-chain sleuth

Magnate Finance, a lending and borrowing platform on Coinbase's layer-2 protocol, Base, rug-pulled its users of $6.5 million in an exit scam after deleting its Telegram channel, website, and social media accounts, manipulating the price oracle, and removing all assets, leading to the collapse of the $6.4 million of total value locked in the protocol.

cointelegraph.com

Relevant topic timeline:

8/26/2023

$6.5 Million Lost In Latest Base-Native DeFi Protocol Rug Pull

Magnate Finance, a DeFi lending protocol on the Base network, conducted a rug pull, stealing $6.4 million worth of assets from its users, marking the third rug pull by the Base network developers and resulting in a total loss of $16.7 million, while also facing other negative incidents such as hacks and thefts.

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