Rug-Pull Fraud Occurred After Warning: Magnate Finance on Layer-2 Platform

Coinbase‘s Layer-2 protocol, Magnate Finance, a lending and borrowing platform, pulled out $6.5 million in user assets with a rug-pull after researchers on the chain, such as ZachXBT, warned about the possibility of an exit scam due to various actions by the project’s founders. Blockchain analytics firms have traced part of the stolen funds to be transferred to the BNB Smart Chain.The post Rug-Pull Fraud Occurred After Warning: Magnate Finance on Layer-2 Platform appeared first on COINTURK NEWS.