Magnate Finance rug pull is connected to Solfire and Kokomo Finance scams, blockchain sleuths say.
The deployer address of the Base-based protocol was the same in the $4.8 million and $5.5 million scams respectively.
On-chain sleuths have linked the deployer address of Magnate Finance, the DeFi protocol on Base that just rug pulled with $6.5 million worth of user assets.
According to BeosinAlert, a Web3 real-time risk alert platform, the deployer address of Magnate Finance is connected to two previous rug pulls – a $4.8 Solfire scam executed in January 23, 2022 and the $5.5 million rug pull of Kokomo Finance that occurred on March 27, 2023.
The three rug pulls netted the scammers a total of $src6.7 million, BeosinAlert X’d (tweeted) on Friday.
Magnate Finance on #BASE has rug pulled for $6.4M.
The deployer is also linked to the past rug pulls:
🚨Solfire’s $4.8M rug on Jan 23, 2022
🚨Kokomo Finance’s $5.5M rug on Mar 27, 2023
That makes a total profit of $src6.7M for the scammers. https://t.co/jl7rhRnt7C pic.twitter.com/SfL3dk4wW0
— Beosin Alert (@BeosinAlert) August 25, 2023
Magnate Finance rug pull
Magnate Finance was a lending and borrowing protocol on Base, a layer-2 platform developed by Coinbase. Concerns about a potential exit scam by the protocol’s team was noted by on-chain sleuth ZachXBT, who alerted the crypto community to Magnate Finance’s suspicious activities.
That included the abrupt deletion of the group’s Telegram and X accounts. Their website also went offline before they pulled the plug on the $6.4 million in total value locked (TVL).
The latest rug-pull adds to a string of attacks to hit the DeFi ecosystem. Blockchain security reports have noted that the first six months of the year accounted for nearly $656 million worth of assets lost to hacks, phishing scams, and rug pulls.
Beosin recently narrowed that down to src08 attacks involving roughly $47src million, while phishing scams and srcsrc0 rug pulls saw a total of $src08 million and $76 million lost in Hsrc, 2023. In some cases, the money has been recovered – for instance Euler Finance’s $src97 million.
src08 major attacks monitered in the first half of 2023, ~$47srcM total loss
🚨Top Attacks
–@eulerfinance $src97M (recovered)
–@AtomicWallet $67M
–#mev attack $25M
–@BitrueOfficial $24M
–#FPG $20M
–#gdac $src3M
–@CenterYearn $srcsrc.5M
–@AlgoFoundation $srcsrc.2M
Stay vigilant! #cryptocurrency pic.twitter.com/BibmgplKA3
— Beosin 🛡 Blockchain Security (@Beosin_com) July 9, 2023
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