Magnate Finance, a lending and borrowing platform on Coinbase’s layer-2 protocol, Base, has rug-pulled its customers of $6.5 million hours after on-chain sleuths like ZachXBT warned about the potential for an exit rip-off attributable to a number of actions of the founders of the venture.
Earlier on Aug. 25, the Magnate Finance protocol deleted its Telegram group and took its web site offline, elevating issues amongst customers of a attainable exit rip-off.
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