Skip to main content
AVOID.NET
Sign in

Magnate Finance

avoid.net/magnate-finance→2/100·100% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:zachxbt][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·5x28Vn…eyTj

Summary

Magnate Finance was a DeFi lending and borrowing protocol deployed on Coinbase's Base Layer 2 network that executed an exit scam on August 25, 2023, stealing approximately $6.4–6.5 million in user funds by manipulating its price oracle. On-chain investigator ZachXBT issued a public warning hours before the rug pull, having traced the deployer address to at least two prior exit scams: Solfire ($4.8M, January 2022) and Kokomo Finance ($5.5M, March 2023), establishing this as the work of a repeat-offender scam ring responsible for over $16.7 million in total losses.

Connected Entities

12 entities · 60 linked investigations
Organizations
□Ethereum64□Arbitrum□Solana□Base□ZachXBT□Compound V2□Scroll□Optimism
Protocols
⌂Kokomo Finance2⌂Glori Finance⌂Magnate Finance
Tokens
♦Coinbase
Relationships
  • Ethereum→mentioned with→Coinbase(60%)
  • Compound V2→mentioned with→Coinbase(65%)
  • Compound V2→mentioned with→Ethereum(80%)
  • Compound V2→mentioned with→ZachXBT(70%)
  • Kokomo Finance→mentioned with→ZachXBT(70%)
  • Kokomo Finance→mentioned with→Ethereum(60%)
  • Kokomo Finance→mentioned with→Optimism(80%)
  • Kokomo Finance→mentioned with→Solana(60%)
  • Kokomo Finance→mentioned with→Scroll(80%)
  • Kokomo Finance→mentioned with→Base(65%)
  • + 42 more
Also appears in
Aperture LM·28Trenton Richard Johnston·2Crossmint·70Hedera·55Bedrock Protocol·41BNB Chain Bridge·16Nobitex June 2025 Hack (Predatory Sparrow)·10Robinhood Crypto·54KelpDAO / LayerZero Bridge Exploit (April 2026) — DPRK Lazarus·0Compounder Finance·2+ 50 more

Connected Through

12 shared actors · 555 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Magnate Finance?

Timeline(7 events)

23 January 2022

Solfire DeFi protocol exit scams users for $4.8 million. Deployer address later linked to Magnate Finance.

27 March 2023

Kokomo Finance, a Compound V2 fork on Optimism, rug pulls users for approximately $5.5 million. Same deployer address identified.

9 August 2023

Coinbase's Base Layer 2 network launches publicly. Magnate Finance begins attracting TVL shortly thereafter.

25 August 2023

ZachXBT issues public community alert on X: 'Magnate Finance on Base will likely exit scam in the near future currently with over $6.4M TVL. The deployers address is directly linked to the Solfire $4.8M exit scam.'

25 August 2023

Magnate Finance executes exit scam: oracle address manipulated, ~$6.4–6.5 million in user funds drained. Website goes offline, Telegram deleted, X accounts deactivated.

25 August 2023

Scammers transfer $1.34 million DAI to a new address and bridge $1 million USDT to BNB Smart Chain via Stargate. Funds also routed to Arbitrum and Optimism.

14 April 2024

ZachXBT exposes Leaper Finance on Blast as a new project seeded with approximately $1 million in laundered funds from prior Magnate Finance and related scams. Leaper Finance and Glori Finance accounts deactivated following exposure.

Provenance & Audit Trail
Anchored on SolanaVerify on-chainsrc:zachxbtsrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event).

full audit log →version history →

model: claude-sonnet

generated: 5/4/2026, 2:54:38 AM

last updated: 8/29/2026, 1:35:09 AM

5 views

avoid.net — verified advice for a post-truth world