The Magnate Finance Exit Scam: A Stark Reminder of DeFi Risks
The deployer associated with Magnate Finance, a project on Coinbase’s BASE platform, has been linked to a series of rug pulls totaling $16.7M. Beosin Alert revealed that this deployer was behind the recent $6.4M exit scam of Magnate Finance and had connections to other significant scams.
Key Points:
- The deployer behind Magnate Finance is linked to multiple rug pulls, including Solfire’s $4.8M scam and Kokomo Finance’s $5.5M scam.
- ZachXBT alerted the community about the deployer’s connection to the Solfire exit scam.
- Magnate Finance’s website went offline and its Telegram group was deleted, indicating suspicious activity.
- PeckShieldAlert confirmed the exit scam by observing a sharp drop in the Total Value Locked (TVL) of Magnate Finance.
- Magnate Finance’s protocol token, MAG, experienced a drastic price drop of over 90%.
These events highlight the risks in the DeFi sector and the importance of due diligence for investors. Magnate Finance’s exit scam serves as a reminder to exercise caution and thoroughly research projects before investing in them.
Hot Take: The Magnate Finance exit scam is a cautionary tale for crypto investors, emphasizing the need for vigilance and thorough investigation. It highlights the potential risks and vulnerabilities in the DeFi sector, urging individuals to exercise caution and conduct due diligence before participating in any projects.
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