SwirlLend, a lending project operating on the Ethereum Layer 2 networks Base and Linea, has seemingly executed an exit scam, making off with an estimated $460,000 in user deposits.

According to on-chain analysis from security firm PeckShield, the SwirlLend team drained $290,000 in crypto assets from Base and $170,000 from Linea, then transferred the funds to Ethereum. The user deposits on SwirlLend plummeted from $780,000 to merely $49, according to DeFiLlama data, as the event unfolded.

The digital presence of SwirlLend has seemingly been erased, as its social media accounts on Twitter and Telegram have been deleted, and the official website remains inaccessible.

PeckShield calls it a 'rug pull'

PeckShield characterized the actions as a “rug pull,” a practice where developers of a …