Security incident · 2023-08-25
Magnate Finance
According to the public DefiLlama incident dataset, Magnate Finance (Base) suffered a security incident on 2023-08-25, with about $6.5M reported lost.
| Date | 2023-08-25 |
|---|---|
| Reported loss | $6.5M |
| Chain | Base |
| Target type | DeFi Protocol |
| Technique class | Rugpull |
| Technique | Treasury Misappropriation |
| Bridge incident | No |
| Within 2023 | #32 by loss that year, 0.4% of all reported losses that year |
How this kind of attack works
The team or whoever held control took the funds themselves, for example by pulling liquidity or minting and dumping tokens.
Would a pre-payment check have helped
Rugpull contracts are usually new, with no history and no audit — visible warning signals before paying, used as signals only, never as proof.
Other incidents with the same technique
- AnubisDAO2021-10-29 · $60.0M
- Meerkat Finance2021-03-04 · $31.0M
- StableMagnet2021-06-23 · $27.0M
- Coinbin2019-02-20 · $26.0M
- Bald2023-08-02 · $23.0M
- Snowdog2021-11-25 · $18.1M