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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.
This is a developing story. More details will be added as they come to light.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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