Magnate Finance Website Goes Offline as Users Fear $6.4 Million Exit Scam Magnate Finance on Base has deleted
its Telegram group and took its website offline earlier today, sparking fears of a yet another exit scam. Magnate Finance, which holds $6.4 million in Total Locked Value,
has ties with other financial exit scams.
Blockchain analyst
ZachXBT also warned of a likely exit scam by Mangate Finance given the deployers address is directly linked to the Solfire $4.8M exit scam. The analyst further revealed that
Magnate Finance also has on-chain ties with Kokomo Finance exit scam.
Magnate Finance’s token
(MAG) has plunged nearly 88% in value since the website went offline. The token is down
over 90% in the last 24 hours, as per CoinGecko data.
After ZachXBT warned on X, formerly Twitter, about the potential exit scam,
Finance Magnate replied to him, “We stick to the plan? 50-50?” and changed their X bio to
“Contract breached by Zach”.
Several users were able
to withdraw their funds after Zach warned about the potential exit scam. Another blockchain analyst
Peckshield also confirmed that the developer of the lending protocol on Base modified the provider of the price oracle and removed all the assets.
