News with the tag "Magnate finance"

Magnate Finance, a DeFi lending protocol on the Ethereum layer-2 network Base, is reported to have conducted a rug pull, robbing its users of $6.4 million worth of assets. This event represents the latest troubling incident on the Base network in merely a month of its official mainnet launch. Relate...

Rugpulls are now a frequent occurrence on Base.

Magnate Finance, a lending project operating on the Ethereum Layer 2 network Base, has executed an exit scam, making off with an estimated $6.4 million. The event, described as a rug pull by security firm PeckShield, has sent shockwaves through the cryptocurrency community. Magnate Finance exit scam...

On-chain sleuth ZachXBT warned that the Magnate Finance team could disappear with $6.4 million in total value locked (TVL). The team scrubbed their digital presence a few hours later in an apparent rug pull, Peckshield reported. Zach noted that MagnateFi is linked to Solfire’s $4.8 million exit scam...