Things are going from bad to worse for Coinbase’s Base layer-2 network. Just weeks after $23 million in BALD token liquidity was rug-pulled, Magnate Finance has exit scammed with $6.5 million.
Initial reports from security firm PechShield claim that Magnate Finance used price oracle manipulation of DAI and wETH to pull off the heist.
Its total value locked metric has fallen from around $6.6 million to just $107,000 at the time of publishing.
Magnate Finance TVL Chart. Source DeFiLlama / PeckShield
This is a developing story. More details will be added as they come to light.
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