Magnate Finance on Base rug-pulls users of $6.5M, as predicted by on-chain sleuth By Cointelegraph

Magnate Finance, a lending and borrowing platform on Coinbase’s layer-2 protocol, Base, has rug-pulled its users of $6.5 million hours after on-chain sleuths like ZachXBT warned about the possibility of an exit scam due to several actions of the founders of the project.

Earlier on Aug. 25, the Magnate Finance protocol deleted its Telegram group and took its website offline, raising concerns among users of a possible exit scam.