Magnate Finance Exit Scam: $6.5 Million Lost in Base Price Oracle Manipulation
Coinbase’s Base L2 network suffers setback as Magnate Finance orchestrates exit scam using price oracle manipulation.
– On-chain analyst ZachXBT warns community about potential exit scam by Magnate Finance on Base.
– Magnate Finance’s website goes offline and Telegram group is deleted within an hour of the warning.
– $6.5 million lost due to the deployer’s manipulation of the price oracle.
– Connections found between Magnate Finance and previous exit scams.
– $2.8 million in crypto assets still locked in the protocol.
Industry-Wide Issue of Crypto Scams
The crypto industry continues to face recurring issues with scams, causing significant financial damage.
– SIM swap attacks alone have resulted in losses exceeding $13.3 million in the past four months.
– Bridge exploits in the DeFi ecosystem have led to a loss of $207 million in the first half of 2023.
– Exit scams and hacks have resulted in a total loss of $656 million in the first half of 2023.
– The persistent occurrence of scams may lead to stricter regulations and the need for increased security measures.
Hot Take: Vigilance and Robust Security Measures are Crucial for Crypto
As crypto scams continue to undermine the credibility of the industry, it is essential to stay vigilant and prioritize robust security measures.
Link copied from: https://cointelegraph.com/news/magnate-finance-exit-scam-onbase-results-in-6-5m-loss-due-to-price-oracle-manipulation
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