Coinbase’s new Tier-2 Blockchain network Base is once again on the agenda with a million-dollar hit. A DeFi altcoin named Magnate Finance was the latest project to be involved in the scam.
Base gains notoriety with altcoin projects issuing rug pull
Things are getting worse for the Coinbase-backed Tier-2 Blockchain Base. Just weeks after $23 million of BALD liquidity was withdrawn, Magnate Finance exited with a $6.5 million scam.
Initial reports from PeckShield claim that Magnate Finance used oracle manipulation of DAI and wETH to commit the heist. The total value locked metric fell from approximately $6.6 million to $107,000 during this time.
What happened around Magnate Finance happened in the past few days. We will be updating the hot developments on this page as Kriptokoin.com.
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