VERDICT —UNRATED
Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.
Root cause
Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
Forensic narrative
Base on-chain exit scam Magnate Finance has seen its TVL drop by ~$6.4M as the deployer modifies the price oracle provider and removes all assets. On-chain sleuth ZachXBT says the Magnate Finance deployer address is linked to exit scams Solfire, Kokomo Finance. Magnate Finance's website and social platforms are currently down and its Telegram group has been deleted. According to MistTrack monitoring, funds have cross-chained from Base to ETH, Arbitrum, and Optimism. Attack method (per SlowMist): Rug Pull. Reported loss: $ 6,400,000.
Sourced from
slowmist
Technical record
- chain
- arbitrum
- protocol
- Magnate Finance
- bug_class
- oracle
- date_occurred
- 2023-08-25
- loss_usd
- $6,400,000
- source_id
- sm:magnate-finance::2023-08-25
Related — same bug class· oracle