$6.4 Million Lost In Latest Base-Native DeFi Protocol Rug Pull

Magnate Finance, a DeFi lending protocol on the Ethereum layer-2 network Base, is reported to have conducted a rug pull, robbing its users of $6.4 million worth of assets. This event represents the latest troubling incident on the Base network in merely a month of its official mainnet launch.3 Rug Pulls, $16.7 Million Lost – Who’s Responsible? 
On Friday, August 25, blockchain security intelligence Peckshield confirmed Magnate Finance’s rug pull, stating that the project d