Security Incident · ETH Ecosystem
Magnate Finance Rug Pull: $6.40M Reported Loss
Base on-chain exit scam Magnate Finance has seen its TVL drop by ~$6.4M as the deployer modifies the price oracle provider and removes all assets.
- Reported loss
- $ 6,400,000
- Attack category
- Rug Pull
Incident Overview
On-chain sleuth ZachXBT says the Magnate Finance deployer address is linked to exit scams Solfire, Kokomo Finance. Magnate Finance's website and social platforms are currently down and its Telegram group has been deleted. According to MistTrack monitoring, funds have cross-chained from Base to ETH, Arbitrum, and Optimism.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.