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Lending Protocol Magnate Finance Rug Pulls, Exits With $6.5 Million

Published 25/08/2023, 13:01
Lending Protocol Magnate Finance Rug Pulls, Exits With $6.5 Million

  • CertiK Alerts reported an exit scam on Magnate Finance.

  • The crypto hack alerts platform observed an 89% slippage on the lending protocol.

  • 247 WETH, $1.3M DAI, and $2M USDbC were removed from the Magnate Finance liquidity.

CertiK Alerts, a platform that provides information on crypto hacks and scams, has reported an exit scam on Magnate Finance, a DeFi lending and borrowing platform. CertiK Alert posted on Twitter (X) that it has observed an 89% slippage on Magnate Finance. The alerts platform noted that 247 WETH, $1.3m DAI, and $2m USDbC were removed from liquidity, and the project’s website was down.

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