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

Magnate Finance, a lending and borrowing platform on Coinbase’s layer-2 protocol, Base, has rug-pulled its customers of $6.5 million hours after on-chain sleuths like ZachXBT warned about the potential of an exit rip-off attributable to a number of actions of the founders of the challenge.

Earlier on Aug. 25, the Magnate Finance protocol deleted its Telegram group and took its web site offline, elevating considerations amongst customers of a doable exit rip-off.

Proceed Studying on Coin Telegraph