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

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The scammer behind the rugpull has bridged the majority of the profits to Ethereum L2 platforms, Arbitrum, and Optimism, along with the Binance chain through Stargate.

Exit scams and rug pulls have become a very common tactic of scammers, especially in the decentralized finance ecosystem due to the added convenience of decentralization. This is evident from the fact that the total value of cryptocurrencies lost in exit scams and hacks.

Exit scams and rug pulls have become a very common tactic of scammers, especially in the decentralized finance ecosystem due to the added convenience of decentralization. This is evident from the fact that the total value of cryptocurrencies lost in exit scams and hacks
 

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