{"id":83591,"date":"2023-08-25T17:21:46","date_gmt":"2023-08-25T14:21:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83591"},"modified":"2025-09-12T12:01:47","modified_gmt":"2025-09-12T09:01:47","slug":"magnate-finance-team-vanishes-with-about-6-4-million-in-assets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/magnate-finance-team-vanishes-with-about-6-4-million-in-assets\/","title":{"rendered":"Magnate Finance team vanishes with about $6.4 million in assets"},"content":{"rendered":"<p>The Magnate Finance team, built on the Coinbase <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">Layer-2 network<\/a> Base, allegedly implemented a <span data-descr=\\\"the development team suddenly abandons the project and sells or drains all its liquidity\\\" class=\\\"old_tooltip\\\">rug-pull<\/span> scheme of about $6.4 million.<\/p>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh6.googleusercontent.com\/GKakn5z4pIQyn7Kgjgr97uOHudUxpk5pjL_maB_cGea-BJoe4p2D96bFEKPd6VVahHCJ5leTiA_qBtQayUjbuA_PTrB9sgjlLllV2fv7p-vvk5IOveMhGqKOLfzGoOU21cUBho9RvbWfu9_bae3kRU4\\\" alt=\\\"Magnate Finance team vanishes with about $6.4 million in assets\\\"\/><figcaption class=\\\"wp-element-caption\\\">Data: <a href=\\\"https:\/\/twitter.com\/peckshield\/status\/1694947367030800601\\\">X<\/a>.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<p>According to PeckShield experts, the team directly manipulated the price oracle and withdrew all digital assets.<\/p>\n<p>\\n\\n<\/p>\n<p>The project\\&#8217;s social media accounts on X (formerly Twitter) and Telegram have been deactivated, and the official website is unavailable.<\/p>\n<p>\\n\\n<\/p>\n<p>A few hours before the incident, on-chain researcher ZachXBT warned the community of a possible scam. He found that the Magnate Finance deployment address was linked to exit scams of Solfire and <a href=\"https:\/\/u1f987.com\/en\/news\/kokomo-finance-team-suspected-of-4-million-exit-scam\">Kokomo Finance<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh4.googleusercontent.com\/9yfy7wIzchzAvHJ1Ni_C8UgfdtwHujIWeAhtCMNf5DKQLDos9KoX1OLDp5SaZkErElSzX-E4e2RQQbin9GlqdSJNxdxg_u-Wdi6xGth8apkDVRYMPEHqQFQtcNI4APS4clS9n3ypd8F_ER-2tYG5pjw\\\" alt=\\\"Magnate Finance team vanishes with about $6.4 million in assets\\\"\/><figcaption class=\\\"wp-element-caption\\\">Data: <a href=\\\"https:\/\/twitter.com\/zachxbt\/status\/1694914871165345997\\\">X<\/a>.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<p>ZachXBT\\&#8217;s findings were confirmed by Beosin specialists. Including the $4.8m and $5.5m recovered in scams with Solfire and Kokomo, respectively, the fraudsters\\&#8217; haul totals $16.7m, according to experts.<\/p>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh5.googleusercontent.com\/TxJQ7nnNT1F3oKXaWerRjml6c0KeqksCdvxzmCKb5MxZ8BXu0nh5q8TmxZ_CMcFIRkkkEZzFp4dXCfvhknIB4jUlwXq_0aOmHRtmwd-7Pu5U2yVUVBBeygFJz-_cxNZLT88TpgRortOCpeoes8FDVfc\\\" alt=\\\"Magnate Finance team vanishes with about $6.4 million in assets\\\"\/><figcaption class=\\\"wp-element-caption\\\">Data: <a href=\\\"https:\/\/twitter.com\/BeosinAlert\/status\/1694990559390368118\\\">X<\/a>.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<p>The Base team opened access to the mainnet for project developers on July 17. The public launch of the L2 protocol\\&#8217;s mainnet took place on August 9.<\/p>\n<p>\\n\\n<\/p>\n<p>On August 15, the DeFi liquidity protocol RocketSwap built on Base was attacked for 471 ETH (about $870,000 at the time).<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier, the developers of the L2 network <a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-outlines-plan-to-decentralize-base-its-layer-2-platform\">presented<\/a> a plan to transition to a decentralized model, which among other things envisaged removing a single point of failure and implementing \\&#8221;fraud proofs\\&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developers of the crypto-lending project Magnate Finance, built on the Coinbase-backed Layer-2 Base network, allegedly implemented a rug-pull scheme of about $6.4 million.<\/p>\n","protected":false},"author":1,"featured_media":83592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1321,1246],"class_list":["post-83591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-base","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=83591"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83591\/revisions"}],"predecessor-version":[{"id":83593,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83591\/revisions\/83593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/83592"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=83591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=83591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=83591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}