Magnate Finance protocol disappears with the cash register

Magnate Financea protocol for crypto loans on layer2 Basehas just completed a rug pullover more than 6 million dollars. The project’s founder is also said to be behind the exit scams from Solfire and Kokomo.

This morning, Magnate Finance orchestrated a rug pullan exit scam in the jargon of decentralized finance, and stolen 6.4 million dollars in cryptocurrencies.

On-chain detective ZachXBT had warned late at night that Magnate Finance sur Base would “… probably an exit scam soon “The address of the deployer was directly linked to Kokomo’s rug sweaters and Solfirewhich took place earlier this year.

According to Peckshield, the TVL of Magnate Finance has plummeted from 6.4 million dollars early this morning. “The developer changed the price oracle provider and removed all assets,” says the blockchain security startup. Its website and social networks were quickly taken offline.

Cumulatively, the rug pulls of Komono, Solfire and Magnate Finance enabled the scammer to amass a haul worth more than 16 million dollars.

The latest exit scams in the DeFi sector include Chibi Finance, which evaporated in June with $1 million in ETH.

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