Million

Magnate Finance

Coin

<ul class="news-points"> 
 <li>CertiK Alerts reported an exit scam on Magnate Finance.</li> 
 <li>The crypto hack alerts platform observed an 89% slippage on the lending protocol.</li> 
 <li>247 WETH, $1.3M DAI, and $2M USDbC were removed from the Magnate Finance liquidity.</li> 
</ul> 
CertiK Alerts, a platform that provides information on crypto hacks and scams, has reported an exit scam on Magnate Finance, a <a href="https://coinedition.com/tag/defi-news/" rel="noopener noreferrer nofollow">DeFi</a> 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. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/CertiKSkynetAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CertiKSkynetAlert</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> We are seeing a <a href="https://twitter.com/hashtag/slippage?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#slippage</a> on Magnate Finance of 89% base: 0x2DC1cDa9186a4993bD36dE60D08787c0C382BEAD 247 WETH, ~$1.3m DAI and ~$2m USDbC was removed from liquidity and the project's website is down. See more on Skynet <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/vt3CeltCqh" target="_blank" rel="noopener noreferrer nofollow">https://t.co/vt3CeltCqh</a>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1694972155274928564?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 25, 2023</a> 
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Per multiple reports, the total value of the heist was about $6.4 million in a rug pull that was executed via direct manipulation of the price oracle. According to PeckShieldAlert, a blockchain security platform, the developer of Magnate Finance modified the p… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/lending-protocol-magnate-finance-rug-pulls-exits-with-6-5-million/">Lending Protocol Magnate Finance Rug Pulls, Exits With $6.5 Million</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

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

Coin Edition

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