Magnate Finance’s $6.4M scam linked to Solfire and Kokomo rug pulls | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Magnate Finance’s $6.4M scam linked to Solfire and Kokomo rug pulls appeared on coinjournal.net by Benson Toti.
- 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 $16.7 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, 2023That makes a total profit of $16.7M for the scammers. 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 108 attacks involving roughly $471 million, while phishing scams and 110 rug pulls saw a total of $108 million and $76 million lost in H1, 2023. In some cases, the money has been recovered – for instance Euler Finance’s $197 million.
108 major attacks monitered in the first half of 2023, ~$471M total loss
?Top Attacks
–@eulerfinance $197M (recovered)
–@AtomicWallet $67M
–#mev attack $25M
–@BitrueOfficial $24M
–#FPG $20M
–#gdac $13M
–@CenterYearn $11.5M
–@AlgoFoundation $11.2MStay vigilant! #cryptocurrency pic.twitter.com/BibmgplKA3
— Beosin ? Blockchain Security (@Beosin_com) July 9, 2023
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on coinjournal.net by Benson Toti – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!