Magnate Finance, a lending and borrowing protocol that operates on the Ethereum Layer-2 network Base, has apparently orchestrated a rug pull, stealing millions from users of the protocol. 

The rug pull had been predicted by on-chain sleuths, including ZachXBT, who cited several previous actions of the project’s founders. 

Details Of The Rug Pull 

Magnate Finance has also effectively cleared its entire digital presence, having deleted its Telegram group on the 25th of August. It also took its website offline, rendering it inaccessible on the same day. The protocol later deleted its X (formerly Twitter) account as well, effectively erasing its entire digital and social media presence. Mere hours after deleting its entire social media presence, Magnate Finance developers …