Magnate Finance Hack

Magnate Finance exit scammed, removing various assets worth 5,357,862 $USD, causing a drop in TVL of approximately 6,400,000 $USD.

Magnate Finance, a borrowing and lending platform running on Base chain, experienced a significant exploit on Aug 25, 2023. The deployer removed various assets from Magnate Finance's smart contract with unverified source code. The funds were transferred and bridged via Stargate to various chains including Arbitrum, Ethereum, Optimism, and Binance Smart Chain, and then swapped to DAI or ETH to prevent freezing of the funds. The confirmed loss from the project's smart contract is 5,357,862 $USD, while the total value locked (TVL) of Magnate Finance dropped by approximately 6,400,000 $USD.

Losses include:

1,557,255 $USD worth 946.66 ETH

2,051,576 USDC

1,341,285 DAI

407,746 $USD worth 247.87 WETH

Scammer Address:

https://basescan.org/address/0xa146dffe…5ce6e1

Funds Holders as of August 26:

https://bscscan.com/address/0x0664FAf5…8006A3

https://bscscan.com/address/0x2f3801ac…44D0Cb

https://arbiscan.io/address/0x7B53eC7E…91FA33

https://etherscan.io/address/0x4f2b2290…C0E2b3

https://arbiscan.io/address/0x06D3930F…41DBE8

https://optimistic.etherscan.io/address/0xD85ac6Af…457820

Malicious Transaction:

https://basescan.org/tx/0x39555e75…02f719