Just an hour after popular crypto on-chain sleuth, ZachXBT, alerted the community of a potential scam masquerading as a legitimate lending protocol called Magnate Finance on the Base blockchain, the platform pulled the rug on its users.
Magnate’s deployer address was found to have links to two DeFi projects that turned out to be exit scams.
According to the latest update, Magnate Finance’s website is now offline while its Telegram group was deleted.
The analyst revealed that the deployer’s address is directly linked to the Solfire $4.8 million exit scams.
ZachXBT also identified links between the deployer of the project and the Optimism chain-based Kokomo Finance exit scam, which pilfered $4 million in user funds earlier in March this year.
In a bizarre turn of events, before going offline, Magnate Finance purportedly replied to ZachXBT’s thread saying, “We stick to the plan? 50-50?” and even changed their bio to “Contract breached by Zach.”
The project’s TVL surged t
We współpracy z: https://cryptopotato.com/lending-protocol-on-coinbases-base-pulls-the-rug-on-users-report/
