Magnate Finance Rugs $6.4 Million From Base Users

On-chain sleuth ZachXBT warned that the Magnate Finance team could disappear with $6.4 million in total value locked (TVL). The team scrubbed their digital presence a few hours later in an apparent rug pull, Peckshield reported. Zach noted that MagnateFi is linked to Solfire’s $4.8 million exit scam, another rug pull from earlier in January. MagnateFi is the latest DeFi scam to occur on Coinbase’s burgeoning L2 network Base. The team behind Magnate Finance pulled off an exit scam, rugging