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

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

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
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Magnate Finance disappears with over $6 million in apparent 'rug pull'Magnate Finance, a lending project operating on Ethereum Layer 2 network Base, has seemingly made off with an estimated $6.4 million.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Breaking: Coinbase BASE-based Magnet Finance rugpulls users for $5.67 millionCoinbase Layer 2 BASE-based Magnate Finance deployer, rugged users for $5.67 million in locked assets on its platform. A crypto expert issued a commu
Source: FXStreetNews - 🏆 14. / 72 Read more »

BCI gets credit approval for Mardie financePotash developer BCI Minerals has received credit approvals for A$650-million of project finance for its Mardie salt project, in Western Australia. The company on Friday said that the Northern Australia Infrastructure Facility (NAIF) has approved a A$490-million project finance facility for Mardie, with a 15-year tenor, while Export Finance Australia (EFA) had approved a A$160-million project finance facility with an 11-year tenor.
Source: MiningWeeklyAUS - 🏆 233. / 63 Read more »

Pendle Finance Users Can Now Profit From Real World AssetsPendle will use MakerDao’s boosted Savings (sDAI) and Flux Finance’s fUSDC in its first real-world assets (RWA) based product.
Source: CoinDesk - 🏆 291. / 63 Read more »