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Magnate Finance

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

1 entities
Protocols
⌂Magnate Finance
Relationships
    Have evidence about Magnate Finance?

    Timeline(7 events)

    2022-01-23

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

    2023-03-27

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

    2023-08-09

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

    2023-08-25

    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.'

    2023-08-25

    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.

    2023-08-25

    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.

    2024-04-14

    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 and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet

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

    last updated: 5/26/2026, 4:11:12 AM

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