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Magnate Finance Security Incident Analysis
Magnate Finance removed 247 WETH ($408,000 worth), $1.3 million in DAI, $2 million in USDbC and 946 ETH (worth $1.56 million). In total, the assets defrauded this time are approximately US$5.3 million.
Summary of Event:
On August 25, 2023, Twitter user @ZachXBT tweeted a warning about an impending exit scam by Magnate Finance due to the project’s connection to the Solfire exit scam on January 23, 2022.
After that, less than an hour later, Magnate Finance deleted their website and social media accounts, and took away a total of approximately $5.3 million in assets in transaction 0x3955.
This time, the deployers of Magnate Finance first modified the provider of the project’s price oracle to provide false collateral so that they can borrow assets. Finally, liquidity is removed via the EOA address (0xA146dffe1C304a8a3De74C460Ffe8dC73E5Ce6e1).
Among them, DAI worth $1.3 million was sent to the EOA address (0x0664FAf5AfeCDe5958D8b32258e012C3788006A3), USDbC was cross-chained through Stargate, and WETH was kept in EOA 0xA146.
Project details:
Magnate Finance, which claims to be a lending platform operating on the Base chain, has removed their website and social media, so further details are limited. Before the exit scam took place, the total locked value of the Magnate project was about $6.4 million.