The developers of crypto lending project Magnate Finance, which is based on the Base network backed by Coinbase, have disappeared with $6.4 million in assets.
PeckShield experts have said the team has allegedly directly manipulated the price oracle and removed all digital assets.
The social media accounts of the X platform and Telegram have been disabled and the official website is unavailable.
The researcher ZachXBT had warned a few hours before the incident to the community that the project could be a possible scam. He had discovered the implementation address of Magnate Finance is linked to the scams of the Solfire and Kokomo Finance projects.