SwirlLend’s Total Value Locked (TVL) Drops to Zero After Rug Pull
The decentralized finance protocol SwirlLend experienced a significant drop in its Total Value Locked (TVL) after it was discovered that the team had conducted a rug pull. The TVL plummeted from $784,300 to just $49.26. The team has since deleted its social media accounts and the official website is no longer accessible.
- SwirlLend’s TVL drops from $784,300 to $49.26
- Team deletes social media presence and website
- Assets bridged from Base and Linea to Ethereum blockchain
- Scammers laundered over 252 ETH via TornadoCash
- Base protocol experiences back-to-back rug pull incidents
The scammers behind the SwirlLend rug pull have already laundered 252.5 Ethereum (ETH), amounting to over $460,421, using the TornadoCash platform. This incident has raised concerns about the security of Coinbase’s new Layer 2 Base network protocol.
Since the announcement of Coinbase Base in February, the protocol has attracted speculation and interest from the crypto community. With one million users even before the mainnet launch, Base has gained popularity. However, the recent rug pull of over $23 million through the BALD meme coin and the controversial RocketSwap hack have led to doubts about the platform’s integrity.
As a result of these consecutive rug pull incidents, the community has started to view Coinbase Base as a new home for scammers, raising concerns about the security and trustworthiness of the protocol.
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