On August 25th, on-chain investigator ZachXBT retweeted a warning from the community, suggesting that the Base ecosystem lending protocol, Magnate Finance, might be on the verge of an exit scam. This concern arises from the direct association between the deploying address of Magnate Finance and the Solfire exit scam.
Furthermore, SlowMist Monitoring has reported receiving similar user complaints, urging users to be cautious about their fund security. At the time, the Total Value Locked (TVL) in the protocol stands at $6.4 million.
An hour later, on-chain investigator ZachXBT posted on social media that the website and social platforms of Magnate Finance are currently inaccessible. Additionally, their Telegram group has been deleted.
Following this, according to Sentinel Shield monitoring, the developers of Magnate Finance have altered the protocol's oracle provider and removed all assets from the protocol.